December 9, 2019
Apply online to get your Personal Loan quickly. When you do get a Personal Loan, keep track of how it is spent. In certain circumstances, you can claim tax deductions on your Personal Loan.
When You Need Funds Fast
Apply for Personal Loan in India. Keep ready all the documents needed. Your loan will be processed quickly. If you have a good salary/income and a good credit rating, you will get instant Personal Loan.
If you have more than the minimum salary required to get a Personal Loan and do not have a lot of other loan EMIs running right now, you can get a good amount as loan.
When You Can Use Your Personal Loan to Save Taxes
When you use your Personal Loan for specific purposes that are accepted for allowable deductions, you can claim tax benefits on personal plans.
For House Purchase
Are you using the amount to fill the gap between your home loan amount and the actual price of the home you are buying? If you can prove this, you can claim tax deduction.
For House Reconstruction or Renovation
Loans used for repairs and renovation of your house are considered for tax benefits. If you have used your Personal Loan for these purposes, you can claim tax deduction.
For Investment in Your Business
If you have taken a Personal Loan to use as funds for your business, you can claim it as business expenses and thus use it to reduce your tax liability.
How to claim the benefits
Under Section 24(b) of the Income Tax Act, the type of loan is not specified, only the end user. So keep a documents checklist of all the bills and agreements you need to show as proof and save them. Submit them to claim deductions on the interest portion of your Personal Loan EMIs.
As for business expenses, you need to save every bill and receipt and submit them to account for how you used your funds in business, including your Personal Loan. Your business expenses are deducted from your profit, so it helps you save taxes.
Search for the best Personal Loan offers online through financial marketplace websites and lending portals. Choose the best offer and apply for a Personal Loan in India. If you apply online and supply all the necessary personal loan documents are required like the KYC documents and income proof immediately, you will get the loan fast. You need to make sure you have a good credit rating to get a loan at low-interest rate.
If you use the loan for a relevant purpose like the home renovation or business funds, you can use your Personal Loan repayments to claim deductions in tax.