New Delhi, Feb. 19 -- Personal loan is an advance given to someone in need i.e., needs money urgently. This is anunsecured form of borrowing which can be used for an array of purposes which include, but not limited to, emergencies, higher education, business, vacation,wedding, luxury and home renovation.

Aside from these purposes, personal loans can also be used for business as well. Although not a highly advisable thing to do, one can opt for a personal loan to invest money in his business in certain scenarios.

You may decide to opt for apersonal loan for business when you need funds on an immediate basis and can't afford to wait for the loan approval. Additionally, it is recommended to use a personal loan for business when you have a ...