Do not have an income tax return (ITR) but are looking for a personal loan? Worry not! Though many lenders ask for an ITR to check your income and ensure you can repay the loan, there are ways to get an instant personal loan even if you do not have one. In this brief guide, let’s dive deeper into the topic and understand how to get a personal loan without ITR. You would also learn the importance of ITR, tips on getting an instant loan without ITR, documents required for a personal loan without ITR, and more.
What is a Personal Loan Without ITR?
There are times when you need to submit the ITR to avail a loan. With this ITR, the lenders learn about your income and understand how much loan to disburse so you can pay it back on time. But what if you do not have the ITR?
Nowadays, you can get a personal loan without ITR with many online loan apps and websites as well. You can get it by submitting other proofs of income like bank statements, salary slips, etc.
Download the CASHe app now to avail instant personal loans without ITR.
Who can borrow a personal loan without ITR?
- Freelancers or small business owners may not file ITR if their income is below the taxable limit.
- If you just started working, you might not have filed an ITR yet.
- If you are currently not working, you might not have an ITR.
- Senior citizens living off their savings might not need to file an ITR.
Alternative Documents and Proofs to Secure a Personal Loan Without ITR
Here are the documents required for a personal loan without ITR:
- Bank statements for the past 6-12 months
- Recent pay slips from your job
- Form 16 from your employer
- GST returns for business owners
- Rental income proof
- Property documents, if you own a property
- Investment proof
- An excellent credit score
Eligibility Criteria for a Personal Loan Without ITR
You can still avail a personal loan even if you do not have an ITR. However, there are certain eligibility criteria you need to fulfil to avail the loan. With CASHe, here are the conditions you need to meet to get an instant loan without ITR:
- Nationality: Indian
- Age: Between 21 and 58 years
- Credit Score: A credit score of 600+ is recommended
- Income: A minimum monthly income of ₹50,000.
- Bank Account: An active bank account with regular income deposits.
Why Do Lenders Ask for ITR?
Now, comes the question – why do lenders ask for ITR? What is the need for ITR for personal loans? Though the main reason is to check your income history, here are the significant objectives of ITR:
- It shows and validates your regular income.
- Helps lenders decide if you can repay the loan.
- Without ITR, lenders see you as a risky borrower.
- To decide the loan amount, as higher the income on the ITR, the higher the loan amount.
Types of Personal Loans Available Without ITR
- Secured loans where you provide something valuable, like gold or property, as security
- Instant personal loans from apps like CASHe
- Loans secured by your investments, such as shares
- Loans based on your salary slips and bank statements
- Loans from Non-Banking Financial Companies
- Loans against the salary account
Tips for Securing a Personal Loan Without ITR
- Always keep an excellent credit score.
- Use bank statements, salary slips, or other documents to show income.
- Offering something valuable as security can help you get a loan.
- Choose the right lender like CASHe.
- Keep your existing loans and debts manageable.
- Start with a smaller loan amount if it is your first time borrowing without ITR.
How To Apply Personal Loan Without ITR
You can apply for a personal loan without ITR in the following simple steps:
Step 1: Choose a trusted loan app like CASHe.
Step 2: Register on the platform using your mobile number.
Step 3: Complete your KYC.
Step 4: Upload the required documents like bank statements or salary slips.
Step 5: Select your loan amount and tenure.
Step 6: Apply and wait for approval.
Step 7: Once approved, get the loan amount directly into your bank account.
Impact of No ITR on Loan Terms and Conditions
There are several influences that a personal loan without ITR and a personal loan on ITR bring to the loan terms and conditions. If you are taking out a loan without ITR, here’s how it may impact the loan terms and conditions:
- You may need to pay more interest to the lender because of the higher risk.
- Lenders may approve only a smaller loan amount than what you need.
- Lenders may ask for salary slips, bank statements or security.
- Some lenders may ask you to provide something valuable like gold or property.
Conclusion
This is how you can get a personal loan without ITR. Now, if you are looking for an instant personal loan without income proof and with competitive interest rates, then download the CASHe app. CASHe offers instant personal loans without ITR and provides a simple and fast way to apply for a loan with minimal paperwork. So, wait no further, and explore instant personal loan options today!
Frequently Asked Questions —
Yes, you can get a personal loan without ITR by submitting other documents like bank statements, salary slips, or offering collateral.
Personal loan interest rates without ITR may be slightly higher as you are considered a higher-risk borrower. However, it always depends on the lender and your credit profile.
You are eligible for an ITR-based loan if you are a salaried employee or business owner and file income tax returns regularly.
Yes, CASHe allows you to get an instant personal loan of up to ₹3 lakh without ITR.
