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A personal loan is an unsecured loan that provides a lump sum amount to borrowers without requiring any collateral. It can be used for various purposes like home renovation, wedding expenses, medical emergencies, debt consolidation, etc.

The loan amount depends on various factors like your income, credit score, existing debts, and repayment capacity. Generally, personal loans range from ₹50,000 to ₹40 lakhs, depending on the lender and your eligibility.

Personal loan interest rates typically range from 9.5% to 18% per annum, depending on the lender, your credit score, income, and relationship with the bank. Some banks offer lower rates to existing customers with good credit history.

Many lenders offer instant approval for personal loans, with disbursal within 24-48 hours. However, the actual time may vary depending on the verification process, documentation, and the lender's policies. Pre-approved loans for existing customers are usually processed faster.

Yes, most lenders allow you to prepay or foreclose your personal loan. However, there might be prepayment charges ranging from 2% to 5% of the outstanding loan amount. Some banks waive these charges after a certain period (usually 6-12 months) from the loan disbursal date.