These unsecured loans can be used for any individual or professional purpose, such as medical expenses, education, travel, wedding, home renovation, debt consolidation, and more. When exploring the types of personal loans available, it’s important to note that these financial products are usually disbursed quickly and come with flexible repayment tenures, spanning from 12 to 60 months. The interest rate of personal loans ranges from 8-15% per annum and depends on the borrower’s credit score, income, loan amount, and tenure.