Consumer loan granted for personal, family, or household use, as opposed to business or commercial use. Such loans are either unsecured, or secured by the asset purchased or by a co-signor. Unsecured loans are advanced on the basis of the borrower’s credit-history and ability to repay the loan from personal income. Repayment is usually through fixed amount installments over a fixed term. Also called consumer loan. A personal loan is of a shorter term than a mortgage.Instead of being in ten, twenty, perhaps thirty years, a personal loan is usually for between one and five years. There are various low emi personal loans in India, which are provided by various financial and non-financial institutes in the financial market. When it comes to applying for a loan, borrowers should ideally have a clear idea of how much they want to take out, along with how much they can afford in loan repayments, before they get the ball rolling with their loan application. You can compare, evaluate, apply online for various loans suited for you with help of EasyLoansIndia.