Personal loans are one of the most expensive categories of loans you can avail of. These are unsecured loans that can be easily availed of and banks are eager to offer them.
In fact, you might have received a few calls offering instant personal loan because you have been a loyal customer to your bank.
However, if you opt for a personal loan, expect to pay an interest rate of anywhere between 9% and 20% per annum. The reason is simple: an unsecured loan means that the lender will not ask for a collateral.
This is only feasible for the lender if they have a sense of what your credit history is like and whether you have the capability to repay the loan.