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.

A personal loan for senior citizens can help them purchase items such as cars or medical equipment, pay off existing debts, renovate their homes, or cover other unexpected expenses. Whether it’s an emergency expense or a planned item purchase, this type of loan can provide seniors with the funds they need when they need it most.

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.

A personal loan serves as a type of unsecured loan which is borrowed by individuals from any financial institution to cover personal expenses. This may include consolidation of debts, emergencies, renovation of a home, funding medical bills, weddings or vacations, among many more.

NBFC is also known as Non-Banking Financial Companies, are financial institutions that provide various banking services without holding a banking license. In other words, they are financial intermediaries that offer banking services, such as loans and advances, asset financing, wealth management, and more, similar to traditional banks.

A personal loan overdraft facility enables anyone to withdraw excess funds whenever they require money urgently. This facility also entitles you to an interest payment applicable only on the specific amount you use.

A PAN card is an identification card featuring a distinctive ten-digit code, which serves as an exclusive identifier. Referred to as the Permanent Account Number (PAN), this card is crucial in pinpointing national taxpayers.

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.

The full form of NBFC is a Non-Banking Financial Company, which represents a financial institution that provides various financial services similar to that of a traditional bank but doesn’t hold a banking license. The financial regulatory authority regulates the operations of these NBFCs in the respective countries.

Before applying for a personal loan for housewives, a housewife must clearly understand her financial situation. This includes assessing monthly household expenses, savings, and any other sources of income, such as investments or rental properties.

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.