List of Personal Loan Articles

Emergencies and unexpected expenses can strike any moment, leaving you needing immediate financial support. Whether it's a medical bill, a vehicle repair, or any unforeseen expenditure, a 2000 Rupees loan can relieve you. So, through this article, we will delve into how a person can secure a loan of Rupees 2000 urgently.

Personal loans in India are specifically intended for individuals experiencing financial difficulties, so they must repay the loan within a specified time frame. Before taking a personal loan, it is crucial to reasonably ensure that you can settle the outstanding dues per the terms and conditions. It is essential to avoid defaulting on any payments.

While the Indian Income Tax Act does not specifically mention any special deductions for personal loans, it does provide tax deductions for other types of loans, such as education and home loans. However, this does not mean that individuals cannot avail tax benefits for personal loans. In the absence of specific provisions for personal loans in the Income Tax Act, the purpose for which the personal loan was obtained is taken into consideration to determine eligibility for tax deductions.

The various types of personal loans discussed above offer a quick and convenient solution to address short-term financial requirements, such as unforeseen emergencies and unexpected expenses. These loans provide immediate access to funds, making them an excellent option for individuals who may have been turned down for credit elsewhere.

All that you need to ensure is correct information and documents. Personal loans have gained the most popularity due to their flexibility and convenience. The best option to opt for a personal loan is from a financial institution with whom you have a bank account.

Personal loan foreclosure means the early repayment of the total loan amount before the end of the tenure of the loan. If you decide to pay the remaining balance of your loan before the agreed date of repayment, it will be referred to as foreclosure of your loan.

One of the most popular and commonly opted debt products are personal loans because of their easy, quick, and convenient process of application. Moreover, they can also be issued for various types of personal expenses without any rigidity, such as mortgage loans or automobile loans.

In the constantly evolving landscape of personal finance in India, various new options have come up, among which the most mentionable is Non-Banking Financial Companies (NBFCs) which have emerged as dynamic players in the world of finance. NBFCs have gained immense popularity due to the convenience and advantages that they offer to borrowers. This article will focus on the benefits of opting for a personal loan from NBFCs in India. Let’s start by looking at what NBFC is.

Early partial payment of personal loans means that when you have surplus funds in your bank account, that amount goes to making early repayment of part of your personal loan. Full prepayment means fully paying back the personal loan that you have taken, before the due date.

The phrase “CIBIL Defaulter” does not appear in anyone’s CIBIL report, nor is it a legal term. Borrowers with very low CIBIL scores (less than 650) are called CIBIL defaulters because they are highly likely to have regularly missed payments on their credit commitments in the past.

One can get tax exemptions on interest paid on personal loans under certain circumstances. It is the purpose of your personal loan that determines whether you’ll qualify for tax savings.