Personal loans are unsecured, eliminating the need for collateral. (Photo Source: Freepik) Show Quick Read Summary is AI Generated. Newsroom Reviewed

If you are short of funds and need cash immediately, a personal loan can be a practical solution. It allows you to cover unforeseen expenses without dipping into your savings, while also giving you the freedom to use the money for different needs. These loans usually come with structured repayment schedules, making them easier to plan for, and they often carry lower interest rates compared to credit cards.

Many leading banks provide personal loans with annual interest rates beginning at roughly 9-11%. Individuals with a good credit record and stable earnings may be able to secure even more favourable terms.

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