Overview
A personal loan is a type of unsecured loan provided by banks, financial institutions, or online lenders to individuals for various personal purposes.
Unlike specific-purpose loans like home loans or car loans, personal loans offer flexibility as they can be used for a wide range of expenses, such as medical bills, wedding expenses, debt consolidation, home improvements, or travel.
The loan is granted based on the borrower's creditworthiness, income, employment history, and other financial factors.