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About personal loans
A personal loan is unsecured — no collateral like a house or car. Because the lender takes on more risk, rates are higher (usually 10-24% a year) and tenures shorter (1-5 years). At these rates, a shorter tenure saves a lot of interest, so borrow only what you need and repay quickly. Watch for a one-time processing fee too.
FAQs
They are unsecured (no collateral), so lenders charge more to cover the risk — usually 10-24% a year.
Usually 1-5 years. A shorter tenure means a higher EMI but much less total interest at these high rates.
Most lenders charge a one-time processing fee, and some a prepayment/foreclosure fee. Check before borrowing.