A Personal Loan is an unsecured loan provided by banks and financial institutions to individuals for various personal expenses such as medical emergencies, wedding expenses, home renovations, or travel plans.

Eligibility criteria typically include age (usually 21-60 years), minimum income requirement, employment status (salaried or self-employed), and credit score. Specific criteria may vary among lenders.

Loan amounts depend on factors like your income, creditworthiness, and lender policies. Generally, Personal Loans range from a few thousand to several lakhs, tailored to meet individual financial needs.

Common documents include identity proof, address proof, income proof (salary slips, bank statements), and employment details. Self-employed individuals may need additional documents like business proof and income tax returns.

Personal Loan tenures typically range from 1 to 5 years, depending on the lender and the borrower's preference. Shorter tenures may have higher EMIs but lower overall interest costs, while longer tenures offer lower EMIs but higher interest payments over time.

Yes, most lenders allow prepayment or foreclosure of Personal Loans after a certain period, usually without any penalty. It's advisable to check with your lender for specific terms and conditions regarding prepayment.