- Dubai international city, England cluster X13
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Personal Loan
A personal loan is money you borrow from a bank, microfinance institution, or online lender for any personal use — and you repay it in fixed monthly installments over an agreed period.
Personal Loans can be used for:
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Wedding expenses
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Business startup capital
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Emergency needs
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School fees
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Travel
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Paying off other debts
Key Components
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1
Principal
The amount you borrow
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2
Interest
Often higher than home loans (because no collateral)
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3
Loan Term
Usually short to medium term (6 months to 5 years)
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4
EMI (Equated Monthly Installment)
Your fixed monthly payment
Important to Know
Because there’s no collateral, lenders:
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Check your income
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Check your credit history
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May charge higher interest
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