New Delhi, March 17 -- Are you facing a financial crisis and contemplating borrowing money from a bank as of now? Among several options, loan applicants can apply for what is known as a personal loan. For the unversed,personal loan is a form of borrowing which enables applicants to use money for a range of activities which could vary from organising a wedding to going on avacation.

In case you are toying with the idea of taking out a personal loan, we list out key characteristics of personal loan:

I.Unsecured loan: A personal loan isunsecured which means the applicants do not need to give any collateral to be able to raise it. For instance, a car loan. A home loan or gold loan is given against a secured asset whereas no such asset needs...