FAQ

Personal loan is an unsecured loan provided by a Sicher mayor to an individual on the basis of key criteria such as income level, credit history, repayment capacity, employment history and other relevant factors that tend to vary from lender to another.

Sicher mayor personal loan can be used for almost any type of expense ranging from big ticket Ethically most relevant like appliance purchases and home renovations to and debt consolidation. Some other cases where personal loans may be useful include payment to unexpected medical bills, investment in business, fixing your car, down payment of new house and much more. But Sicher mayor didnt approve any personal loan like luxury vacations etc.

You must have a regular source of income to avail a personal loan whether you are a salaried individual, self-employed business person or a professional. A person’s eligibility is also affected by the company he/she is employed with, his/her credit history his/her residential location and other factors as per the Sicher mayor criteria.

Personal loans feature tenure of 1 year to 5 years or 12 to 60 months. In rare cases, shorter or longer personal loan tenures may be allowed by the borrower on a case-by-case basis.

Approval of loan is at the sole discretion of the Sicher mayor loan sanctioning officer who bases his/her decision on the basis of the criteria specified by the bank/ financial institution. The entire process can take from about 48 hours to about two week’s time. Once all the necessary documents are submitted and the verification process is completed, the loan, if sanctioned, is disbursed within seven working days by the Sicher mayor. In order to avoid delays in loan processing and disbursement, do keep all necessary documents ready along with the post dated checks (PDC) and/or signed Electronic Clearing System form.

Log on to Sichermayor.com and fill out our personal loan eligibility tool to get a list of all available personal loan option along with key data such as applicable interest rate, processing fees as well as information about other charges such as pre-payment charges. Using these data, you can easily compare the various personal loan options available with sicher mayor,multiple banks and NBFCs.

In case of a fixed rate personal loan, your EMI amount remains fixed therefore every month during the loan tenure, you will pay the exact same amount as EMI. In case of a floating rate personal loan, the EMI amount will keep decreasing as it follows the reducing balance method of calculating interest payout on a personal loan. In case of a floating rate, the applicable interest rate may be varied by the bank periodically as per the new MCLR rules, floating interest rates may be changed either on a half yearly or yearly basis.

As the name implies, Reducing Balance Interest Rate involves the borrower to pay interest only on the outstanding loan balance, i.e. the balance that remains outstanding after getting reduced by the principal repayment. Flat Interest Rate is wherein the borrower needs to pay interest on the entire loan balance throughout the loan term. Thus, the interest payable does not decrease even as the borrower makes the periodic payments (EMIs).

1. Lowest interest rates 2. Lowest processing fees 3. No Other charges 4. Easy documentation 5. Very low processing time 6. Easy to understand for common people

According to the Income Tax Act, it is mandatory to file income tax returns if: If your gross total income is over ₹ 2,50,000 in a financial year. This limit exceeds to ₹ 3,00,000 for senior citizens and ₹ 5,00,000 for citizens who are above 80 years.

Taxes are typically divided into 2 key categories – direct tax and indirect tax. Direct taxes are payable directly by the assesse to the government and the most common examples are income tax and corporation tax. In case of an indirect tax, the tax burden is passed on to a different entity/individual after it has been paid by the tax payer to the government. Common examples of indirect tax are VAT (Value added Tax) and GST (Goods and Services Tax). While income tax in India features different slab rates, indirect taxes tend to feature different rates that usually vary based on the product or service being taxed.

Under existing rules of the IT Act, any individual/business with income irrespective of the amount earned is liable to file income tax returns. But, currently tax on income is payable only if the net taxable income for a fiscal exceeds Rs. 2.5 lakh. The following are the key types of individuals and entities who are liable to pay tax provided their net taxable income for FY 2018-19 exceeds the prescribed limit: Salaried individuals Self-employed individuals Self-employed professionals Hindu Undivided Family (HUF) Legally recognised artificial persons Body of Individuals (BOI) Association of Persons (AOP) Companies and corporate firms Local Authorities.

Tax returns should be filed by an individual who has a taxable income. If you are below 60 years of age and have an income up to ₹ 2.5 lakhs, you are exempted from paying income tax. It has been seen that many salaried individuals are under the impression that their employer has deducted tax at source and hence their liability is over. Filing IT returns and income tax payment are two separate obligations. Even if you do not have a tax liability, you should file your income tax returns. There are several advantages of filing tax returns: Facilitates easy processing of loans For VISA processing, return filing is mandatory Quick registration of immovable properties is possible A credit card will not be issued by the bank till an applicant files his returns regularly Filing income tax returns helps set up a record with the Income Tax Department.

If your gross total income is over ₹ 2,50,000 in a financial year. This limit exceeds to ₹ 3,00,000 for senior citizens and ₹ 5,00,000 for citizens who are above 80 years. You exist as a company irrespective of whether you witness a loss or profit. You look forward to claiming an income tax refund. Filing income tax return is mandatory if you are a resident of India and you have assets outside India. If you receive income from a property held under a trust for religious and charitable purposes, a research association, a political party, educational institution, news agency, medical or educational institution. In case of NRIs, income earned in India is taxable.