When it is necessity, you can definitely take loan. An emergency loan amount given is about rs 1 lac. Yes of course you can apply for personal loan. To inform you personal loan charges higher rate of interest compared to any other loans because it is not a collateral loan. If you have assets like land, gold etc, bank may ask to mortgage with the loan amount, so that you are liable to repay the entire loan with loan amount (P+I) on time.