A personal loan is a type of unsecured loan provided by banks or financial institutions to individuals based on their creditworthiness, income, and repayment capacity — without requiring any collateral or security.
| Purpose | Medical, wedding, travel, home renovation, education, etc. |
|---|---|
| Loan Amount | ₹50,000 to ₹40 lakhs (may vary by lender) |
| Tenure | 1 to 5 years (up to 7 years in some cases) |
| Interest Rate | 10% to 24% p.a. (based on profile) |
| Security | Not required (unsecured) |
| Repayment | EMIs (Equated Monthly Installments) |
| Processing Time | Typically 24–48 hours |