Do you still think Personal Loan is Taxable?
Personal Loan is not a taxable fund. Any income is liable to tax and loan is not considered as income. If you take it to acquire, construct, repair or reconstruct a property or land, for education, for business purposes, these loans enjoy good tax benefits. All the interest paid on Loan can be considered for tax exemption. In case you have used for any of the above, make sure to preserve the bills and receipts that can prove the expenses. You will need them at the time of making claims.
No collateral is involved and loan supported only by the borrower’s Credit worthiness. People go for Personal Loan when they need money for buying property, buying house, house repair, children Education, Medial contingencies etc. All that you need is a good credit history. It is provided to both salaried and self-employed person. Your earnings and repayment capacity is assessed. Also appropriate proof of identity and income are also considered.
Personal loan has to be acquired from a registered bank or financial organization, else that may be considered as income. Borrower should be able to prove the lender’s identity. If you receive or repay loan in cash in excess of Rs 20000 in a year or if you receive loan as dividend from a company running in profits and in which you are shareholder, that can be taxable.
How can we help?
- You will have the best customer experience
- We are tied up with all the banks and can guarantee best deal
- We have experienced staff to make it a swift process
- Just a set of documents before you get the approval
- Not at all time taking, we come to your desk to collect documents
- Personal loan has to be acquired from a registered bank or financial organization, else that may be considered as income. Borrower should be able to prove the lender’s identity. We are one of the best choices
- It is given without any security or collateral
- The process is faster compared to other loans
- Technology is developed to an extent where you can start applying from your mobile
- Repayments are in form of easy EMI and the tenure is up to sixty months
- You can also preclose the loan or take a parallel loan or top up on the existing loan
If you find better interest rates there is a scope to even transfer the outstanding to a different bank which is called as Balance Transfer(BT).
Taking a loan and making prompt payments will also increase your CIBIL(Credit Information Bureau of India Limited) score.
You may enjoy some special offers which will further reduce the interest rates based on your salary and Company.
Before we separate
Number of applications for Personal Loan is increasing day by day, which proves the fact that it is a quick and helpful element. Although interest rates are little high compared to home loan the most happening product in the banks is Personal Loan. It is so simple process; you speak for few minutes to someone and you handover documents to someone in couple of minutes, maximum of five working days Loan amount is credited to the respective account. Thanks to all the banks and organizations for making many meet their requirements on time.
“Walking an extra mile is always good….Keep knowing” Apply Personal Loan now at www.InstaEMI.com