A personal loan is usually an unsecured loan, where the lender's risk of losing money is high. Before sanctioning a personal loan the lender's check the CIBIL report of the borrower to be sure of his past repayment behavior.
A medical emergency, a wedding, travel, renovations, buying an asset are some of the cases where one may need additional funds that they already have. A personal loan may be a blessing in disguise.
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