Is personal loan a term loan?

Term loan means the loans with a defined period of time which is paid in Equated Monthly Instalments (EMIs). The repayment term is usually between 12 months to 84 months in case of personal loan. While personal loans, business loans, etc. are unsecured form of term loans, advances like home loans qualify as secured term loans sanctioned against a collateral.

The repayment will be paid on fixed interest rate or floating interest rate.