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

Based on the given feature "has personal loan", we can analyze its relationship with the target variable "subscribing to a term deposit". The feature has two possible values: "no" and "yes". 

From the available information, we can see that if a client does not have a personal loan (feature = "no"), it is more likely for them to not subscribe to a term deposit (target = "no"). On the other hand, if a client has a personal loan (feature = "yes"), it is more likely for them to subscribe to a term deposit (target = "yes").

Therefore, the dictionary above represents the relationship between the feature "loan" and the target "subscribing to a term deposit". Clients with no personal loan are more likely to not subscribe to a term deposit, whereas clients with a personal loan are more likely to subscribe to a term deposit.