How to Get a Personal Loan Without ITR?

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 an ITR?

An Income Tax Return (ITR) is a form that you file with the government to report your income for the year. It is a way to show how much money you earned and whether you paid the right amount of taxes. Personal loans on ITR are quite common as lenders often ask for ITR to confirm if you have a steady income and can repay a loan.

Importance of ITR

ITR shows your income over the past financial year and hence, it is proof that you have a regular income. It makes it easier to get a loan, especially if you are asking for a large amount. Having an ITR would help you get lower interest rates as it shows you are a low-risk borrower. Filing ITR also allows you to claim tax deductions, and if you file it regularly, then it would boost your credit score.

Scenarios Where You Might Not Have an 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

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 
• 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 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
• Offer 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

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!

 

Documents required for quick loan

 We all hustle and work hard to keep pace with our lifestyle needs. It could be as simple as wanting to buy a car, renovating your house or wanting to backpack around Europe to experience the world. But not all these dreams may get covered by your salaries and there are times when we need urgent funds and this is when you might need some capital to take care of your expenses.

When you need quick funds, either for emergencies or last-minute expenses, a personal loan can be a lifesaver. However, before you can get approved for a quick loan, you need to ensure that you have all the necessary documents in order. In this guide, we will walk you through the essential documents required for quick loans and provide tips on how to prepare your documents efficiently.,/p>

Understanding Quick Loans

Quick loans are very much like personal loans but they can be availed in a shorter period and get capped around ₹3,00,000-5,00,000 by most financial institutions. They are a type of unsecured loan and are also known as instant loans in the market.

These loans are typically processed quickly, making them an ideal option for those in urgent need of money. To apply for a quick loan, you need to provide specific documents to the lender to support your loan application.

Essential Documents Required for Quick Loans

Like instant personal loans, quick loans also need mandatory submission of certain documents that will help the financial institution gauge your capacity to repay your loans and understand your overall profile. You will have to provide the following documents to be eligible for a quick loan:

Identification Proof: You will need to provide a copy of your Aadhaar card, passport, driving licence, or voter ID card as proof of your identity.

Address Proof: Documents such as utility bills, rental agreement, or Aadhaar card can be submitted to verify your residential address.

Income Proof: Bank statements, salary slips, income tax returns, or Form 16 can serve as proof of your income and repayment capacity.

Employment Proof: If you are a salaried individual, you may need to provide your employment offer letter, employee ID card, or appointment letter from your employer.

Business Proof (for self-employed individuals): If you are self-employed, documents such as a business registration certificate, GST certificate, or partnership deed may be required.

Credit Score: While not a document, your credit score plays a crucial role in determining your loan eligibility. Make sure to have a good credit score before applying for a quick loan.

How to Prepare Your Documents

Organize Your Documents: Create a checklist of all the required documents and ensure that you have them handy before applying for a quick loan.

Verify Document Validity: Check the validity of your identification and address proofs to ensure that they are up to date.

Maintain Clarity: Ensure that all documents are legible and free of any errors or alterations.

Seek Professional Help: If you are unsure about any document requirements, consider seeking assistance from a financial advisor or loan officer.

Conclusion

The idea of quick loans is to get funds on an immediate basis and if you provide all the documents on time, your loan can get sanctioned within 24 hours.

If you are looking for Instant personal loans up to ₹3,00,000 then go for CASHe because their loan disbursal process gets done within 15-20 minutes. There are no restrictions on the usage of the funds, the disbursal is quick and you get flexible loan tenures that are aligned with your repayment capacity.