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REGARDING UNSECURED LOAN AND INTEREST

Kamlesh Tolani (accountant) (562 Points)

12 October 2019

IN BUSINESS UNSECURED LOAN ANY LIMIT AND TAKEN UNSECURED LOAN SO HOWMANY AMOUNT PAY INTEREST.

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7 Replies

sabyasachi mukherjee (27574 Points)
Replied 12 October 2019

Kamalesh
pls mention how much loan u want to take?
pls mention the nature of organization.

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Kamlesh Tolani (accountant) (562 Points)
Replied 12 October 2019

SIR MY QUESTION IS HOW MUCH LOAN TAKEN IN RULES AND HOWMUCH PAY INTEREST AS PER RULES

Suresh Thiyagarajan (Student) (3986 Points)
Replied 12 October 2019

1. There is no rule for limit with respect to the loan amount.
2. It depends on the nature of the business you are doing.
3. And interest rates are based on banks and normally unsecured loans carry a high rate of interest.
Please correct me if the above solution has an alternative view.

Kamlesh Tolani (accountant) (562 Points)
Replied 12 October 2019

SIR INTEREST IS COMPALSARY PAID OR NOT

Suresh Thiyagarajan (Student) (3986 Points)
Replied 12 October 2019

1. Of course, without payment of interest which bank will provide a loan.

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sabyasachi mukherjee (27574 Points)
Replied 14 October 2019

LOANS ARE GENERALLY SANCTIONED ON THE BASIS OF CIBIL RATING.
IF THE CREDIT SCORE IS FAVOURABLE LOANS ARE SANCTIONED.
INTEREST IS A DEDUCTIBLE EXPENDITURE FOR PERSONS in business and profession.