A Personal Loan is a right funding facility provided by lenders that helps one meet up money requirements for times of life like medical emergencies, wedding, education, home renovation, asset purchase, business requirements, etc. It is an unsecured form of loan for short period of 6 months to 60 months. It can be availed by a salaried individual with a minimum salary of Rs. 15,000 and by self-employed individual with at least Rs. 2 Lakh annual income.