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5 Less Known Activities You Can Actually Fund Through Bank Loan

Here are the lesser-known expenses that you can fund with the help of bank loans

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Bank Loan
There are 5 Less Known Activities You Can Actually Fund Through Bank Loan. Pixabay

Unplanned expenses can crop up anytime in your life. With a fixed amount of salary, sometimes you are left without savings for an unforeseen expense. However, with numerous loan options available from all sizes of banks, you can relax and take a deep breath. 

In today’s world, there is a variety of loan options offered by financial institutions, such as personal loan, car loan, education loan, house loan, and so much more. Given the factor that it is not always necessary that you need to go for a loan because you want to buy a car or a house. Here are the lesser-known expenses that you can fund with the help of bank loans: 

1 Planning a Family Vacation

It is said that the best travel experiences are unplanned. However, when you make random family vacation plans, you don’t always have enough money kept aside for it. Catering to such needs, there is an ample number of banks that offers personal loan for planning a family vacation. These loans provide a lower interest rate than that of any credit card. So, if you are planning to go for that trip that you have been preparing for so long, taking a loan from a bank is your best bet.

Bank Loan
However, with numerous options from Bank Loans, you can relax and take a deep breath. Pixabay
  1. Funding a Wedding

In India, weddings are considered a matter of pride. You love to go big and plan a spectacular big fat wedding. However, big celebrations often cost big money. The day to day expenses makes it impossible for you to stop and think about saving for your such expenses. So, what do you do when you go across your wedding budget? It’s simple; you can take out a loan to fund your wedding expenses. 

The best part of taking personal loans for a wedding is that you can repay the loan in inexpensive Equated Monthly Instalments (EMIs) over a flexible tenure of your choice. You can compare the EMI on an online EMI calculator to get a fair understanding of the ratio of principal interest to the interest due, based on the tenure and the interest rates.  

  1. Renovation of Home 

If you are a homeowner, the chances are that with time they’ll need repairs. Though, unfortunately, most of the upgrades come along with a hefty price tag. To ease this issue, you can go for a personal loan offered by reputed financial institutions like Axis Bank. First, make a list of the renovations that are required and the amount of money that you will need for the same. Then, with the help of an EMI calculator, you can evaluate the amount that needs to be paid through the EMI and let you make an informed decision about the loan. 

Bank Loan
However, mutual funds Investment with a Bank Loan can be risky as the returns are market linked. Pixabay
  1. Investing in Mutual Funds

You must have heard the financial lingo “invest a loan,” which means that you take a loan from the bank to invest in mutual funds. Taking a loan to invest in mutual funds can be fruitful in many parts like you can have a higher return on investment of the loan as opposed to a lower risk level of investment. However, mutual funds Investment with a loan can be risky as the returns are market linked. Therefore, you need to assess your risk tolerance and start by investing small amounts in different fund options. You can invest in SIP after calculating the monthly SIP amount using online SIP calculator and get good returns. When you keep such instances aside, investment is one of the lesser-known activity that can be funded by a bank loan.

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  1. Pay the Credit Card Bill

Indians have made the usage of credit card an essential part of their life. There are times when you need money to buy a gadget or a home appliance on an urgent basis. You might not have savings to match such emergencies and end up using your credit card. At the end of the month, you must clear your credit card bill, but you do not have enough in your account for the same. For such instances, you can take a personal loan to pay your credit card bills.

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Income Tax Officers Quit Work For Mental Peace

Tax officer quit service as they prioritise mental peace over work

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Income tax officers
Nearly two dozen gazetted income tax officers have called it quits in this financial year alone. Pixabay

It seems that some people prioritise mental peace over other things in life.

Under unrelenting workload and high tax collection targets, nearly two dozen gazetted income tax officers have called it quits in this financial year alone.

“The situation in our department is really bad. There is a lot of work pressure. During this financial year, about 22-23 officers have left,” Income Tax Gazetted Officers Association (ITGOA) Vice President Bhaskar Bhattacharya told IANS.

Bhattacharya added that pressure has been mounting in the last few years.

The ITGOA is an association of over more than 9,500 promotee gazetted officers from across the country.

The lower tax collection has rung alarm bells among policy makers resulting in pressure on field officers to collect more revenues. The income tax department has so far managed to collect Rs 5 lakh crore in direct taxes, less than half of the total budget target of Rs 13.35 lakh crore for FY20.

tax officers
Tax officers prioritise mental peace over burden of work. Pixabay

With economic growth being in the slow lane, achieving the yearly tax collection target is a big task for the tax department.

Asked if the pressure has indeed been immense, an office-bearer of the Indian Revenue Services Association (Income Tax) replied in the affirmative, but said he was not aware of the IRS officers leaving service due to high workload.

“People have left service, but mostly for personal reasons. Some of them wanted to settle overseas with their children or for starting a practice of income tax laws,” the officer said, wishing not to be named.

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Many businesses in the past have complained of tax terrorism. But the government has allayed their fear maintaining that only realistic collection targets have been set in consultation with the concerned officers.

Earlier, Finance Minister Nirmala Sitharaman went on multi-city tour to meet representatives of trade and business assuring them of no harassment by tax authorities. (IANS)