Wondering, ‘Can I get a personal loan without ITR? Yes. Most lenders require self-employed applicants to submit their income tax returns to review their income and repayment capacity. However, some use alternative methods for this assessment, making loans accessible even when you don’t have your tax filing records.
Read on to learn how to get a loan without ITR.
Here are some ways to get the funds without submitting your income tax documents:
Since lenders require tax returns to gauge your income, you can provide other documents as income proof. These include:
As mentioned, several lenders, like Fibe, offer a loan without ITR documents. They use alternate methods to assess the borrower’s income and repayment ability. This information is generally available on their websites. So, do your research and apply accordingly.
Having a solid repayment record also helps you get a loan without submitting ITR documents. It shows a stable income and good repayment behaviour, so lenders easily approve your loan. You can try the following strategies to ensure timely payments:
While ITR is required for a personal loan, which is unsecured, it may not be necessary when you apply for collateral-backed funding. This is because they can liquidate your assets to recover the outstanding amount if you default. Various types of collateral that you can offer include:
You can also talk to various lenders and communicate the non-availability of your tax return documents. This will help you figure out alternate ways that can get you the required funding.
Having a high credit score helps increase the chances of approval since it represents:
Lenders consider you a safe borrower this way and approve your application even if you don’t provide your ITR documents. You can maintain a good credit score by following these tips:
Here are the general requirements you need to meet:
Here is a general overview of the paperwork you need to submit:
With this information, you can manage your personal loan application and increase your chances of getting a loan without ITR. You can get an Instant Personal Loan from Fibe easily since we ask self-employed individuals to submit alternate documents for eligibility checks.
At Fibe, you can get funds with a simple online application and minimal documentation at affordable interest rates. Download the Personal Loan App or log in to our website today and meet your financial needs with ease.
Yes, you can get funds even if you don’t have your tax returns. Here are some tips:
Yes, you can get a personal loan without ITR documents. However, note that paying tax, if applicable, is mandatory and failure to do that can lead to penalties, imprisonment or both.
In India, you can claim tax benefits and deductions on the following types of loans: