What is a personal loan?
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A personal loan is an unsecured loan provided by banks, NBFCs, and financial institutions in India that does not require collateral. It can be used for various purposes like medical emergencies, weddings, home renovation, education, or debt consolidation. Loan amounts typically range from ₹10,000 to ₹40 lakhs with tenures from 12 months to 84 months, and interest rates starting from 9.99% p.a. onwards depending on your credit profile.
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A personal loan is money you borrow from a bank or lender without putting up any property as security. You can use it for almost any personal need and repay it in monthly installments (EMIs) over a fixed period, usually 1 to 7 years.
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