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You may not know these five things about personal loan, if you know, you will be in profit

Personal Loan: If you are in urgent need of money then a personal loan is probably the best option. Personal loan not only fulfills your financial requirement but also gives you many other benefits. Know about their benefits.

is easily found

  • There is no security required for personal loan.
  • Banks grant these loans based on the applicant’s income, cash-flow, credit score and repayment capacity.
  • Good repayment capacity, good credit score and income enables the applicant to get the loan at low interest.

Can spend according to need

  • You can use the personal loan money as per your requirement.
  • The personal loan amount is directly disbursed to the borrower.
  • It is not necessary to tell the applicant 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.
  • There is a flexible repayment tenure (usually between 12 months to 60 months) attached with a personal loan. You can choose this according to your need.
  • Personal loans also come with pre-payment and pre-closure charges.

pre-approved

  • Banks offer pre-approved personal loan offers to their customers who have a good credit score.
  • Minimum paper work is required to take 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 treated as income.
  • To take advantage of tax exemption, you will have to show many documents like expenditure voucher, bank certificate, sanction letter and auditor’s letter.

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Shivam Bangwal

Shivam Bangwal is a young entrepreneur who hails from Uttarakhand. Shivam is a professional full time Digital Marketing and PR expert with a post graduation degree of Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Branding Panther and Digital Leader.

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