It’s that time of the year again when you have to start thinking about paying the taxes you owe to the government. Ideally, you should have started looking into this at the start of the previous financial year itself. But, many people fail to do this.
If you too have forgotten to save up money to pay off your taxes, you need to make sure that you come up with the money soon. The penalties for not paying taxes are quite high. If you don’t pay your taxes by the due date, the Income Tax (IT) Department can slap you with a fine of up to the amount you owe. That’s double the amount you originally owed.
So, what can you do in a situation like this? Well, one way to pay off these dues is to take a personal loan. But is this a feasible option? Read on to find out how a loan like this can help you get out of a tight spot.
One thing is for sure; you don’t want to mess with the government. You don’t want to get into the bad books of the tax authorities and be known as a tax defaulter. It’ll only make things worse for you later.
So, how exactly can a personal loan help? To understand this better, let’s look at what this loan is, how it works, and how you can get one.
A personal loan is a sum of money you can get from a lender. There are hundreds of such loan options available in the market. Here are some features of these loans:
Let’s now delve a little deeper into some of the features. This will offer some insight into how this kind of loan can be beneficial to you.
That being said, there has to be a catch, right? After all, why would anyone give out money “just like that”? True, there is a catch. But it’s not something impossible. These loans are given out based on whether you qualify for them or not. And how do you qualify? Keep reading to find out.
Lenders offer these loans based on a few criteria. You have to fulfil some or all of them (depending on the lender) in order to get the loan. Here are some of the criteria that lenders require you to fulfil:
The particulars of these criteria can vary from one lender to another. Now take a look at them in detail:
As we’ve just seen, qualifying for this shouldn’t be too hard, taking the loan is easy, and it can help you pay off your tax dues right away.
But you should still see if other payment options can serve you better. For example, if you can pay off the amount with your next monthly income, consider using your credit card to pay your taxes right away. This way you get a month to pay your credit card dues without paying any interest.
All said and done, the aim is to pay off your taxes using the cheapest and the most convenient way. Credit cards can help. But if the tax amount is too large or if you won’t be able to repay the card dues with your next salary, taking a personal loan just might be your best bet.
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