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Personal Loan - Fulfilling Short Term Financial Need
- Purpose: Personal loan is a short term loan taken for personal use (medical, marriage), family use (education, vacation) or for households (computer, refrigerator, tv etc.) .
- Pros: Personal loan is an unsecured loan, meaning you don't need any collateral, in most cases doesn't have any prepayment penalty & loan approval is generally fast if credit history is good.
- Cons: Personal loans generally have higher interest rate & stricter financial penalties on failing to make EMI payments taking into consideration higher risk & default rates.
