A personal loan is an unsecured loan provided by banks or financial institutions to meet personal financial needs. It can be used for purposes such as medical expenses, education, travel, weddings, home renovation, or debt consolidation. Personal loans do not require any collateral, are easy to apply for, and usually have quick approval and flexible repayment options. The loan amount, interest rate, and tenure depend on the borrower’s income, credit score, and repayment capacity.