A Personal Loan is an unsecured type of lending. Personal Loan is traditionally availed for personal needs like marriage, jewellery, medical emergency, home renovation, school/college admission, lifestyle product purchases, overseas vacations etc. In last few years, personal loan has become a major tool for margin money payment of property, share investment, tax planning as well as debt consolidation of an individual.

On face value, Personal Loans may look like a plain/featureless product as against a Credit Card but as we look at Personal Loans in detail, we discover a lot of unique features. Although we have summed up the features of Personal Loans from all major lenders (Financers, Banks, NBFCs) below, the eligibility/availability/specific policies of lenders may vary.