New Delhi, Aug. 1 -- Personal loans offer flexible, unsecured financing for various purposes, including urgent medical needs, debt consolidation, and wedding expenses. However, many misconceptions remain. Let's clear up some misconceptions, clarify the facts, and give you confidence in your borrowing decision.

Many borrowers view personal loans as a means only for emergencies. Modern lending provides for many intended uses, such as educational expenses, vacations, home renovation, and the consolidation of high-interest debt.

With lenders often qualifying only those with regular employment and with good credit score. This is not the case. Lenders also assess instalment repayment capacity (disposable income), credit history, and consisten...