Personal Loans are collateral-free unsecured loans offered by almost all Banks and NBFCs, and are approved within 24 hours to 7 business days. These funds are multi-purpose loans without end-usage restrictions, and thus can be used for varied purposes ranging from emergencies to vacations. Easy documentation and quick approval makes these collateral-free loans easy to avail and hassle-free in times of need.

Most Banks and NBFCs offer you a personal loan amount to the tune of Rs. 25 Lakhs as an individual after a check on your age, employment, income, and creditworthiness. In case, you are a salaried person, you may be allowed to apply for a loan amount up to 20 times your monthly income at your lender's discretion.

Experts recommend a credit card for short-term debt. On the other hand, a personal loan proves more suitable for longer repayment tenures. Depending on your requirement, go for a home loan when you are ready to buy a house. A personal loan proves useful when you require extra cash. Personal loans and Credit Cards are unsecured forms of credit, while you mortgage your house when you avail a home loan. Depending on your need, check your loan value, loan tenure, interest rate, processing fees, and hidden charges offers before you decide on a Personal Loan, a Home Loan, or a Credit Card.