In the Corona period many people are facing money related problems. A personal loan may be the right option to deal with this problem. There are many benefits to taking a personal loan. For example, you can use the proceeds to suit your needs. A personal loan can help you meet many of your needs.
Here we are telling you about the benefits of personal loan ...
Security is not required
Personal loan is unsecured loan and therefore the applicant does not have to provide any security for the loan. The bank usually gives the loan based on the borrower's income, cash flow, credit score and repayment capacity. It determines the loan amount and interest rate. With good repayment capacity, good credit score and good income, the applicant can easily get a personal loan at low interest rate.
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You can use a personal loan as per your need You can use a
personal loan money as per your need. If you need money to cover your medical expenses or other needs during the coronation period, you can meet these needs by taking a personal loan. The personal loan amount is given to the direct borrower. It is not necessary to state the purpose of taking a personal loan.
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You can use a personal loan as per your need You can use a
personal loan money as per your need. If you need money to cover your medical expenses or other needs during the coronation period, you can meet these needs by taking a personal loan. The personal loan amount is given to the direct borrower. It is not necessary to state the purpose of taking a personal loan.
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You can choose the loan repayment period at your convenience.
Flexible repayment period is associated with personal loan which is usually between 12 months to 60 months. In this case, you can choose the loan for the duration of your need. Along with personal loans, there are also pre-payment and pre-closure charges.
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You can choose the loan repayment period at your convenience.
Flexible repayment period is associated with personal loan which is usually between 12 months to 60 months. In this case, you can choose the loan for the duration of your need. Along with personal loans, there are also pre-payment and pre-closure charges.
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Loans are easy to get on being pre-approved.
If you have a good credit score, the bank can offer you a pre-approved personal loan. It is an instant loan with minimal paper work. Application for loan can be made through the link provided by the bank or by logging in to online banking. The amount is credited to your bank account within minutes of your acceptance. You can get this loan easily and at low interest rate.
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Loans are easy to get on being pre-approved.
If you have a good credit score, the bank can offer you a pre-approved personal loan. It is an instant loan with minimal paper work. Application for loan can be made through the link provided by the bank or by logging in to online banking. The amount is credited to your bank account within minutes of your acceptance. You can get this loan easily and at low interest rate.
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This way
you get an income tax exemption. Personal loans are not taxable, as the loan amount is not considered income, but take special care that you have taken a loan from a legal source such as a bank or NBFC. However, you will need to show a number of documents to avail the tax exemption on the loan. It includes documents like expenditure voucher, bank certificate, section letter and auditor's letter.
This way
you get an income tax exemption. Personal loans are not taxable, as the loan amount is not considered income, but take special care that you have taken a loan from a legal source such as a bank or NBFC. However, you will need to show a number of documents to avail the tax exemption on the loan. It includes documents like expenditure voucher, bank certificate, section letter and auditor's letter.
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