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What is a Personal Loan

When it comes to paying for some of the emergency situations or biggest expenses- wedding, a home renovation, medical emergency- many individuals end up short on the money expected to take care of these costs immediately.<br>A personal loan is a type of credit that can be useful in these instances. Learn more about personal loan.<br>

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What is a Personal Loan

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  1. Personal Loans

  2. What is a personal loan? A personal loan is an unsecured credit given by banks and other financial institutions based on the criteria like your monthly income, credit history, professional details, credit score, repayment capacity, and so on. The personal loans are collateral, meaning they don't require you to pledge any collateral. The personal loan interest rates are higher than that of secured loans.

  3. What can a personal loan be used for? Personal Loan can be used to cater to requirements of meeting personal expenses. A personal loan can be availed for any personal purposes such as home renovation, wedding, medical emergencies, travelling, debt payments, bill payments and more.

  4. How to apply for personal loan? • Do some research before you apply for a personal loan to shop around for the best rates. • Check your personal loan eligibility online. • Banks offer simplified personal loan application process. You can make a personal loan online application in just a few clicks.

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