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Black's Law Dictionary(8th) personal obligation. 1. An obligation performable only by the obligor, not by the obligor's heirs or representatives. 2. An obligation in which the obligor is bound to perform without encumbering his or her property for its performance.
No, since loans are not income (even if the obligation is cancelled, there is no taxable event as a result). Also, the interest in personal loans may NOT be written off of taxes (unlike that of first and some second mortgages).
What does personal interest in an online application means?
Personal, Social, Citizenship and Health Education
personal social health and citizenship eduction.
No. Deductible interest includes student loan, investment, and qualified residence interest. Payday loan interest is considered personal interest. Personal interest isn't deductible.
If a partner has authority to act and the partnership is bound by the act, each partner has unlimited personal liability for the obligation
"Personal" interest is NOT deductible.
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SBI (State Bank of India) offers personal loans as one of their products. The interest rate on a personal loan from SBI (State Bank of India) depends on the applicants credit, amount borrowed, and collateral. Personal loans are calculated at a 9.75% base interest rate.
One's own personal gain is known as self-interest.
Personal loans should have a lower interest rate than student loans.