A personal loan is a collateral-free loan one can obtain from banks and non-banking finance companies (NBFCs) at varied interest rates. Both salaried and self-employed individuals can access a personal loan after meeting the required eligibility criteria in terms of a credit score, income, professional stability, residence stability, etc. However, if your personal loan application is rejected by the lender, you can apply for a secured loan. Here, you need to submit a collateral, and based on its value, the lender disburses a loan. Some common secured loan alternatives to a personal loan include - Loan Against Shares, Loan Against Mutual Funds, Gold Loan, Loan Against Property.