A personal loan is an unsecured loan taken by individuals from a bank or a non-banking financial company (NBFC) to meet their personal needs. It is also known as a consumer loan which is a multi-purpose loan, which you can use to meet any of your immediate needs.

Personal loans are most preferred options for financing your immediate needs. Loan approval is quick and easy. Additionally, documentation required are minimum. It is a loan that does not require collateral or security and is offered with minimal documentation.

You can use the funds from this loan for any legitimate financial need. Like any other loan, you must repay it according to the agreed terms with the bank. Normally this can include a few months to a few years in easy equated monthly installments.