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.
- 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.
- 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.
- 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.
Multibagger Stock Tips: 6 Stocks That Can Give Profits In Festive Season, Axis Securities Suggests Buying
Multibagger Stock Tips: Rakesh Jhunjhunwala’s 2 stocks have been advised by ICICI Securities to buy, will you bet?