Reality: Interest rates vary 10–24% based on credit score, lender, and tenure. Good credit (750+) can get rates as low as 10–12%, competitive with many other loans.
Borrowers avoid personal loans entirely and resort to dangerous alternatives like unregistered lenders, causing financial ruin.
Scenario: Ravi needs a ₹10 Lakh loan but fears "20%+" interest rates.
Reality: Banks and NBFCs approve personal loans for self-employed, freelancers, business owners, and even gig workers earning ₹15,000+/month with stable income proof.
Middle-income or self-employed borrowers never apply, missing access to affordable credit they genuinely qualify for.
Scenario: Earns ₹30k/month via digital platforms. Lacks standard salary slips.
*Anand used the funds to buy equipment, doubling his income in 2 years.
Reality: Personal loans are legally unsecured credit with no end-use restriction. You can use them for education, business investment, debt consolidation, or any legal purpose.
Borrowers self-limit and miss using affordable credit for wealth-building purposes like upskilling or business setup.
Investment: Took ₹5 Lakh loan @ 12% for MBA certification.
Reality: Hard inquiries temporarily reduce score by 3–5 points. However, timely repayment adds "Positive Repayment History" and "Credit Mix," improving score by 50–80 points long-term.
Borrowers avoid building credit history and remain trapped in debt loops without access to affordable credit.
Reality: Soft inquiries (pre-approvals) don't harm CIBIL. Only formal applications trigger hard inquiries. Checking eligibility with 2–3 banks via pre-approvals is safe.
Borrowers apply to only 1 bank, miss competitive rates, and accept worse terms than available.
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