(1) Loan for a relatively small amount, repayable in instalments and usually granted to salaried employees for personal consumption and durable goods purchases. Personal loans can be used at the borrower's discretion and not tied to a specific purpose. See also consumer credit.

(2) Credit granted to a private person for non-commercial purposes solely on the basis of that person's creditworthiness, income and financial circumstances. See also unsecured credit.

(3) Loan granted to private persons for non-commercial purposes, e.g. consumer credit. The amount and term of a personal loan depend on the needs of the borrower.