It's a common misconception that personal loans are only for salaried employees. (Photo Source: Freepik) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Personal loans are one of the most popular financial tools nowadays. Whether it's for home renovation, medical emergencies, travel, or even debt consolidation, they provide quick access to funds without requiring collateral.

Yet, despite their convenience, many people hesitate to apply for personal loans because of myths and misconceptions. Some think getting a loan is difficult, while others worry it will hurt their credit score.

Here are the most common myths around personal loans in India.

Personal Loans Can Affect Your Credit Score

Many people worry that applying for a personal loan will lower their credit score. H

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