A personal loan is an unsecured loan offered by banks and financial institutions. It allows people to borrow money without providing collateral.
Personal loans are commonly used for medical expenses, education, home renovation and emergencies.
EMI (Equated Monthly Installment) is the amount you pay every month to repay your loan.
Learn in detail: How EMI is Calculated
The total cost of a loan depends on interest rates.
To understand interest clearly: How Bank Interest Works
Personal loans have higher interest compared to home loans.
Learn more here: Home Loan Basics
Many people fall into loan traps due to lack of knowledge.
Read this guide: How to Avoid Loan Traps