Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Personal Loan Tax Benefits

    We found 32 Personal Loan Tax Benefits

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad INSTANT DECISION
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    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
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    Perks
    Fees & Charges
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    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless Approval Option Available
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.59% - 18.49% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Personal Loan Tax Benefits is Rated as "Great!" by 73694 Users

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    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Personal Loan Tax Benefits

    In case a customer is looking for additional funds but has no security or property to pledge as collateral, a personal loan is the ideal option as it is an unsecured loan. Usually, personal loans have no taxes. But since the customer is not pledging any asset, the rates of interest applicable to these loans may be relatively higher than the rate of interest charged for secured loans. However, the application and approval process for personal loans is fairly simple if the customer is a salaried professional. Personal loans can also be availed by self-employed individuals if the proof of income from their enterprise can be provided to the bank.

    Personal loans in general are not viewed as part of a customer’s income. When filing income tax returns, the loan won’t be viewed as a taxable fund, meaning that a customer will pay no taxes on the personal loan. But in such cases, the loan taken out by the customer must be from a valid source such as registered financial institutions. Loans from unrecognised sources are usually viewed as income at the time of computing taxes. In fact, tax benefits can be claimed on personal loans in certain cases. Whether or not the loan is secured from a registered financial institution, if the customer can prove that the funds acquired through the loan were utilised for a valid expense, they can even use the loan for tax deductions and tax saving.

    Use of Personal loans for house reconstruction or renovation

    If a personal loan is utilised for the purpose of renovating or purchasing a residential property, the customer can avail great benefits when it comes to tax deductions. The Income Tax Act (Section 24(b)) offers relief to customers who purchase homes, providing them with tax deductions in such cases. Should the Personal Loan be used for the purpose of making down payment before buying a house, they can also claim tax exemption. And should the funds be utilised for home reconstruction, renovation or repairs, the customer can claim for tax deduction.

    Deduction cannot be claimed on the loan’s principal amount. However, the interest paid by the customer can be used for tax deduction. In case the customer uses the funds to spend on the house in which he/she resides, tax deduction can be claimed on the interest amount provided it does not exceed Rs. 1,50,000. In case the customer has rented the house, the amount of money that can be claimed on the interest amount has no particular limit.

    In case the customer has bought a house under construction, the deduction cannot be claimed until the completion of the construction. Moreover, the house must be ready for occupancy not more than three years from the date the customer has taken the loan. All the documents that show that the loan amount has been used for purposes related to the house must be preserved and furnished at the time of claiming tax deductions.

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  • Tax Benefits on Personal Loan Reviews

    • Bank Bazaar Customer Support
      "Easy to accesss"
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good and its satisfactory too, also I got the call from them immediately. They are prompt in service towards the customer and am using it from the last one year of time. Website of the Bankbazaar.com is easy to access.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "User friendly"
      0.5 4.0/5 "Great!"
      When customers are reaching bankbazaar.com for any kind of financial product, the bank bazaar really helps the customers and supports the customers to get product with the different bank partner. It would be great if the bank partners also gives service like bank bazaar. Bank bazaar web portal is easy to use and I can say it user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      0.5 4.0/5 "Great!"
      Overall , Bankbazaar.com have provided the good experience and am using it from the last one month of time. I came to know about Bankbazaar.com through internet. I would like to say that the website of the Bankbazaar.com is easy to access.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Good in Response"
      0.5 4.5/5 "Excellent!"
      I received very good response from bankbazaar. Website is good to access and I am using bankbazaar app which is very much useful to get to know about the financial products. I frequently use the app to check the loan details. They are playing good role in the financial world.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2017
    • Citibank Personal Loan
      "Need to focused a lot on improvement"
      0.5 1.0/5 "Really Bad"
      CITIBANK, while explaining the personal loan, they explained in a processed way and told less interest rate, and after that while processing the loan the have increased the interest rate, which need to be changed with Citibank. They need to be improve lot of things, while communicating with the customers. Citibank executives and the higher officials need to be trained in the processed way to communicate with their customers.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2017
    • Tata capital Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have not got the personal loan with the Tata capital limited because of some documentation reason. They have asked me to provide six cheque leaf to process the application but I was lacking with that, then I have asked them to cancel the application.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • HDFC Bank Personal Loan
      "Good Bank"
      0.5 4.0/5 "Great!"
      When I applied for a personal loan with HDFC bank, my credit score is not been updated so I could not able to avail the loan. I am waiting for a month, after which I will apply for the loan again. Everything was good with HDFC like their responsiveness and their customer service too.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Average"
      0.5 3.5/5 "Pretty good"
      It would have been better if the response was more sooner from Bankbazaar.com, and most of all the terms and conditions on the portal could be updates with that of the banks. Else I had no hassles and the process of follow up calls was good and on time.
      Was this review helpful? 0
      , hosur
      Reviewed on May 23, 2017
    • ICICI Bank Personal Loan
      "Could be more flexible for corporate customers"
      0.5 3.0/5 "Satisfactory"
      The response was a bit delayed from ICICI Bank after I had applied for a personal loan. I could not proceed for the loan is because of the salary criteria. The bank had a condition of 20K as a take home. The rate of interest and the processing charges was pleasing to me.
      Was this review helpful? 0
      , hosur
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 4.0/5 "Great!"
      I got the call from the Bankbazaar.com in the same day itself from the day of my inquiry. Customer service is good with the Bankbazaar.com and they have connected me with the bankers for my financial inquiries. I have not faced any hassles with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2017
    • Citibank Personal Loan
      "Excellent deal on the ROI"
      0.5 3.5/5 "Pretty good"
      Since I am a corporate customer, Citibank did not have much of a documentation for the personal loan. The process was quick and smooth. The deal on the interest rate was good as I got a rate of 10.99% which was the lowest when compared to other banks. The processing charges was minimal.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 23, 2017
    • HDFC Bank Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      There was no necessity to get the personal loan on that time because I had sorted out the reason for the personal loan. Rate of interest was around 11.99% for the personal loan with the HDFC bank and the customer services are always good and the response is very good too.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I got proper information from bankbazaar for the loan process. I did not find any hassles with bankbazaar at any point of time. They are good in followups and they promptly provided updates on the status of the application at regular intervals.
      Was this review helpful? 0
      , kanchipuram
      Reviewed on May 23, 2017
    • HDFC Bank Personal Loan
      "Good Bank"
      0.5 5.0/5 "Blown Away!"
      Interest rate for the personal loan is 11.29% with HDFC bank. They done with the process in five days. The processing fee for the loan is around 999. I am very much happy with HDFC bank for the loan. The customer service of HDFC bank is really a standard one.
      Was this review helpful? 0
      , kanchipuram
      Reviewed on May 23, 2017
    • ICICI Bank Personal Loan
      "High Interest Rate"
      0.5 3.0/5 "Satisfactory"
      Interest rate is on higher end with ICICI bank for the personal loan. Processing fee is also high with them. But the customer service is too good and it is approachable. As the charges are high with ICICI bank I moved to HDFC bank where I got low interest rate for personal loan.
      Was this review helpful? 0
      , kanchipuram
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      There were no hassles at Bankbazaar and I am happy with the overall experience. The team was prompt in contacting me and I also like the way the process was handled with the follow up calls. The website was excellent and the best to visit before taking a loan.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 23, 2017
    • Standard Chartered Bank Personal Loan
      "High on ROI"
      0.5 4.0/5 "Great!"
      Since I did not require the funds, I went ahead and cancelled my personal loan request at Standard Chartered bank. The bank was on time in contacting me and giving me details. The rate of interest was high, it was around 12.99% where as there are banks offering me 10.99%.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good and they have contacted me immediately after I have done up with my inquiry. I am using Bankbazaar.com from the last one year of time and I like the response with them and the customer service is good too.
      Was this review helpful? 0
      , silchar
      Reviewed on May 23, 2017
    • HDFC Bank Personal Loan
      "Need to improve"
      0.5 2.0/5 "Expected more"
      From HDFC bank bank, nobody have contacted me for the personal loan and I have seen the interest rate as 14% for the personal loan, also am okay with that. I would like to suggest that they need to contact the customers, if they are interested in the products.
      Was this review helpful? 0
      , silchar
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Need some improvement"
      0.5 2.5/5 "Just OK"
      I am using Bankbazaar.com from the last two months of time and the website is easy to access. I have got the call from the Bankbazaar.com within two to three hours of time from the time of inquity, also i would like to recommend Bankbazaar.com to my friends.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 23, 2017
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