New Delhi, May 1 -- Personal loans help borrowers meet day-to-day needs and aspirations such as medical expenses, education costs, home reconstruction and other similar family or lifestyle-related requirements.

Let us discuss five widely prevalent myths you should stop believing to make the most of your personal loan. Understanding these myths will boost your confidence and help you manage your expenses more efficiently.

A prevalent misconception about personal loans is that they are exclusively designed for salaried individuals. In reality, self-employed professionals, business owners, start-ups, and even pensioners can qualify for a personal loan. There are no such salary-related restrictions on individuals aspiring to apply for a per...