A loan that a person takes from a bank to finance his/her personal requirements is termed as a personal loan.
People of the following category can take up an instant personal loan:
However, this has a drawback as it charges higher rates of interest.
The rate for a personal loan in India lies somewhere between 11 to 33 percent. The rates can vary according to the company type, credit score and the principal amount of the loan.
Features:
The rates of interest of personal loan are fixed and do not change.
You have to repay back the money in a short period of time. The time can vary from 1 year to 5 years depending on the type of bank.
These are the following documents that you need to submit while taking this type of loan:
Advantages of Personal Loan:
You can take a paperless personal loan for any reason. It does not have to be anything specific as in the case of a car loan or a home loan.
These are the conditions for eligibility for an instant personal loan:
The following documents are required for an instant personal loan.
The purpose of the personal loan can be for any reason. Some of the personal reasons are listed below:
Here is a list of few points that you need to remember in order to avoid rejection of a paperless personal loan application:
The personal loan interest rate of SBI is 12.5%.
Following are the personal loan interest rates in India of other banks:
There are no tax deductions or exemptions allowed on the instant personal loan.
There is, however, income tax deduction on the instant personal loan. You can avail income tax deduction on this type of loan for the following purposes:
Certain points regarding tax benefit of personal loan:
You should submit required proofs to the income tax authority in order to be eligible for the claim of a tax deduction on the interest paid on paperless personal loan.
The money that you take as the instant personal loan is not taxable as it is not considered to be an income.
You need to be ready with the following documents in order to claim tax benefit for the paperless personal loan:
You can use the personal loan EMI calculator SBI for calculating the instant personal loan EMI:
EMI= [P*R*(1+R)^N]/[(1+R)^N-1]
P= Principal Amount
N= Tenure of repayment
R= rate of interest
EMI= The equated monthly installment
A loan that a person takes from a bank to finance his/her personal requirements is termed as a personal loan.
People of the following category can take up an instant personal loan:
However, this has a drawback as it charges higher rates of interest.
The rate for a personal loan in India lies somewhere between 11 to 33 percent. The rates can vary according to the company type, credit score and the principal amount of the loan.
Features:
The rates of interest of personal loan are fixed and do not change.
You have to repay back the money in a short period of time. The time can vary from 1 year to 5 years depending on the type of bank.
These are the following documents that you need to submit while taking this type of loan:
Advantages of Personal Loan:
You can take a paperless personal loan for any reason. It does not have to be anything specific as in the case of a car loan or a home loan.
These are the conditions for eligibility for an instant personal loan:
The following documents are required for an instant personal loan.
The purpose of the personal loan can be for any reason. Some of the personal reasons are listed below:
Here is a list of few points that you need to remember in order to avoid rejection of a paperless personal loan application:
The personal loan interest rate of SBI is 12.5%.
Following are the personal loan interest rates in India of other banks:
There are no tax deductions or exemptions allowed on the instant personal loan.
There is, however, income tax deduction on the instant personal loan. You can avail income tax deduction on this type of loan for the following purposes:
Certain points regarding tax benefit of personal loan:
You should submit required proofs to the income tax authority in order to be eligible for the claim of a tax deduction on the interest paid on paperless personal loan.
The money that you take as the instant personal loan is not taxable as it is not considered to be an income.
You need to be ready with the following documents in order to claim tax benefit for the paperless personal loan:
You can use the personal loan EMI calculator SBI for calculating the instant personal loan EMI:
EMI= [P*R*(1+R)^N]/[(1+R)^N-1]
P= Principal Amount
N= Tenure of repayment
R= rate of interest
EMI= The equated monthly installment
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