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A personal loan is a type of unsecured installment loan that provides you with a fixed sum of money upfront. You repay this amount in equal monthly installments over a set period, usually between one and five years, with a fixed interest rate. Unlike a car loan or home loan, a personal loan is not tied to any specific asset, so you don’t need to provide collateral or security to the lender.
This flexibility makes personal loans suitable for many purposes, including consolidating high-interest debt, covering unexpected medical expenses, financing a wedding, funding travel, or making large purchases without using your savings.
Since personal loans are unsecured, lenders focus on factors like your credit score, income, and repayment capacity when approving your application. Choosing the right loan terms and lender is essential to ensure affordability and financial comfort.
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