A loan is when you borrow a certain amount of money at a pre-decided rate of interest and tenure. Loans are categorised in different categories by banks/non-banking financial corporations/other financial institutions - home loan, car loan, gold loan, personal loan, etc. A personal loan can be utilized for various purposes such as pay for home renovations, purchase of household/other items, or to even consolidate debt. People between the ages of 21 and 60, employees of private limited companies and public sector undertakings are eligible to take such loans. They’re offered by banks, credit unions and online lenders. Personal loans vary in terms of interest rates, fees, amounts and repayment. They may be secured with collateral or unsecured without. Personal loans usually attract a higher rate of interest as compared to a home loan. Get the latest Personal loan news, videos, headlines, opinions, special reports and more here.