New Delhi, May 7 -- In India, personal loans are one of the easiest ways to avail funds for urgent financial needs and aspirations. Be it a medical emergency, home renovation or a wedding all such life events require money for efficient management, that is why the importance of personal loans for borrowers cannot be underestimated.

In such a scenario a common doubt among borrowers is whether every personal loan requires a collateral or not. The simple answer to the same is that not every personal loan requires the borrower to submit a collateral.

Furthermore, whether collateral is needed depends on the loan type whether the loan is a secured loan or an unsecured loan and the lender's risk taking appetite.

All personal loans are general...