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If you need money immediately, then this option comes very handy, know its benefits
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Personal Loan: If you are in urgent need of money then personal loan is probably the best option. Personal loan not only fulfills your financial needs but also gives you many other benefits. Know about their benefits.
easily found
- There is no security required for personal loans.
- Banks give these loans based on the income, cash-flow, credit score and repayment capacity of the applicant.
< li>Good repayment capacity, good credit score and income helps the applicant to get loan at low interest.
Can spend according to need
- You can use the personal loan amount as per your requirement.
- The personal loan amount is disbursed directly to the borrower.
- The applicant needs to state this Not for what purpose he is taking this loan.
Loan Tenure
- In case of personal loan you can choose the loan tenure as per your requirement.
- Personal loan comes with flexible repayment tenure (usually between 12 months to 60 months) attached Is. You can choose these as per your requirement.
- Personal loans also come with pre-payment and pre-closure charges.
pre-approved
- Banks offer pre-approved personal loans to their customers who have a good credit score.
- Minimum paper work is required to avail this loan. This loan is available immediately.
tax exemption
- Personal loan is not taxed. However, it is necessary that the loan should be taken from a legal source such as a bank or NBFC.
- Personal loan amount is not considered as income.
- However, to avail tax exemption, you have to Several documents like expenditure voucher, bank certificate, sanction letter and auditor’s letter will have to be shown.
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