New Delhi, Sept. 22 -- Personal loans are a sensible option for meeting urgent cash requirements without any collateral. They offer borrowers flexible repayment options, competitive interest rates, seamless liquidity, and easy eligibility, provided they meet the basic eligibility criteria.

Still, despite all the benefits of a personal loan, especially during emergencies, several misconceptions about personal loan recoveries can mislead borrowers and create unnecessary fear before they avail themselves of these services.

Here are the top five myths about personal loans and their recovery refuted to help borrowers make informed decisions.

Reality: Personal loans are independent products. They do not require borrowers to pledge any securi...