```json
{
    "no": ["no"],
    "yes": ["yes"]
}
```

Based on the feature "has personal loan" and the task of predicting whether the client subscribes to a term deposit, we can analyze the relationship between the feature and the target as follows:

- Clients who have a personal loan (feature = "yes") might be less likely to subscribe to a term deposit (target = "no").
- Clients who do not have a personal loan (feature = "no") might be more likely to subscribe to a term deposit (target = "yes").

However, since there are only two possible values for the feature "has personal loan" (either "yes" or "no"), the output dictionary will include these exact values for each target class.