Personal Loan
Also known as: Unsecured Personal Loan, Instant Personal Loan
Unsecured loan based on income and credit score, requiring no collateral.
Detailed Explanation
Personal Loans are unsecured loans provided based on your income, employment stability, and credit score. They offer quick processing (24-72 hours) but come with higher interest rates (10-24%) and shorter tenures (1-7 years). No collateral is required, making them suitable for urgent financial needs, debt consolidation, or when you don't own property. Prepayment charges are common.
Related Calculators
Related Terms
CIBIL Score
Credit score ranging from 300-900 indicating creditworthiness based on credit history.
Unsecured Loan
Loan provided without collateral, based purely on borrower's creditworthiness and income.
EMI
Equated Monthly Installment - Fixed monthly payment for loans comprising principal and interest.
Processing Fees
Upfront charges paid to the lender for processing and approving a loan application.