Banks or non-banking finance companies (NBFCs) ask for several documents while accepting the applications for personal loan. One of the significant documents is Income Tax Return (ITR). Most of the salaried employees, whose annual income is beyond the exemption limit, are mandated to file Income Tax Return every year. So, it’s not a problem for such salaried individuals to avail loans compared to self-employed people.
Let’s find out how a person can seek a loan without any income proof or ITR filing details.
A personal loan is an unsecured loan, so you can get money without pledging any assets. However, those who are self-employed and do not have an ITR might need collateral to obtain a loan from a bank or NBFC.
If you have a strong credit history, you can obtain a personal loan without submitting an ITR. If you have a credit card, for instance, you should be able to demonstrate a history of on-time bill payments.
When you have a high credit score, lenders are more confident in your ability in repayment within the due period. Your loan application might be turned down if you have a low credit score, or it might be approved but come with a very high-interest rate.
You can quickly apply for a loan by visiting the bank’s website and entering your personal information. In addition to this, you can apply through internet banking. To obtain the loan, visit the bank branch and present all necessary documents. To obtain the loan, you can also speak to customer service representatives.
