A personal loan offers quick access to funds for various needs like medical emergencies, home renovations, or debt consolidation. It has flexible repayment terms, typically 1-7 years, and fixed interest rates, making budgeting easier. No collateral is required, so you don’t risk losing assets. Approval is fast, often within days, and you can use the money for almost anything without restrictions.

Personal loans can be provided to individuals who meet certain eligibility criteria set by banks or financial institutions. Typically, these include salaried employees, self-employed professionals, or business owners with a stable income. Applicants usually need to be above 21 years old, have a good credit score (generally 750 or higher), and provide proof of income, identity, and address. Some lenders may also consider factors like employment stability or existing debt. Essentially, anyone with a reliable repayment capacity and proper documentation can apply for a personal loan, subject to the lender's terms.

To qualify for a personal loan, you typically need a credit score of 750 or higher, as this shows lenders you’re reliable with repayments. Some banks or financial institutions may accept scores as low as 650, but a higher score increases your chances of approval and better interest rates. Your credit score reflects your credit history, including timely bill payments and existing debts. If your score is lower, you might still qualify with a stable income or co-applicant, depending on the lender’s criteria. Always check with the specific lender for their minimum score requirement.