Personal Loan is a short to medium term unsecured loan, which does not require any collateral/security for disbursal. They are generally disbursed in a few hours to a few days with minimal or no paperwork at all. A key feature of personal loan is its flexible end-use. Thus, this unsecured loan can be used to meet a variety of needs ranging from emergency medical expenses to planned expenditures such as home renovation, wedding, etc.
A personal loan as the name suggests is provided to individuals and not businesses. Most banks and NBFCs (Non-Banking Financial Companies) offer personal loans to both salaried and self-employed individuals/professionals. The eligibility criteria for a personal loan vary slightly depending on the type of applicant
You should do a detailed comparison of personal loan interest rates and charges of all banks before choosing the best bank for the personal loan.