A personal loan is a collateral-free loan, that you do not have to provide any asset as security to the bank/NFBC. The loan amount is quickly dispersed within 48 hours of loan approval. Interest rate starts at 10.99%, which is much cheaper than other unsecured loans like credit cards, where rates can be as high as 36%. The tenure is flexible, between 1 year and 5 years. The loan application process is completely online and there is only minimal paperwork involved.