A personal instalment loan is a one-time unsecured loan from a bank which is repaid through fixed monthly instalments. "Unsecured" means it's not tied to material assets like your car or home, in case you default on your payment (and which banks can repossess). Personal loan interest rates range from 3.7% p.a. to 10.8% p.a. Most banks offer loans with a tenure of 12 to 84 months. The minimum loan amount is $1,000.
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