In life, there are times when we get pressed by financial emergency. Such urgent money requirements may be fulfilled through personal loans. Multiple banks provide personal loans to salaried / self employed individuals at flexible terms and conditions. Personal Loans fall under the category of unsecured loans because you don’t give any type of security or guarantee to the lender. Rate of interest, therefore, is usually higher than any secured loan where you keep some security with the bank such as your property or home or car or gold etc. The range of personal loans may vary from Rs. 50 thousand to Rs. 50 Lac. The tenure may vary from 1 year to 5 years.