Personal Loans are designed to meet all your financial needs during hard times. When it comes to unwanted and unplanned expenses, nothing can be better than opting for a quick loan. There is no doubt that a personal loan is the best possible solution for all your monetary problems. We often hear of loans being offered to salaried people, then what about self-employed individuals? Well, personal loans are available for both salaried and self-employed people as long as you meet the eligibility criteria. Availing of personal loans for self-employed people is quite simple. Maintaining a few basic key aspects like credit score, income, business continuity will help you to avail of a loan instantly. But a self-employed person who doesn’t file Income Tax Return (ITR) may find the process a little difficult to get loans from banks and NBFCs. In recent times, there are multiple lenders who are providing personal loan for self-employed individuals if the KYC documents are proper. Before you proceed with your loan application, make sure to check whether the lender offers personal loans without ITR or not.
Once you submit your KYC details, bank statements, income proof, lenders will check all the documents and will sanction the loan amount once you meet all the requirements. ITR is always not a mandatory document to approve a personal loan application as there are various factors that can determine the creditworthiness of the borrower. Also, maintaining a good relationship with the bank or lender can help your loan get approval faster.
Personal Loan For Self Employed – Check Out The Eligibility Criteria
Eligibility Criteria:
- The borrower should be a resident of India between the age 18 – 65 years
- The annual turnover or profit has to be more than 1 lakh or as per the requirement of the lender
- The age of the business should be at least 3 years or more
Documents Required:
- Proof of age – Birth certificate/passport/PAN card
- Proof of ID – Voter ID/Passport/Aadhar/PAN
- Photographs
- Proof of residence – passport/utility bill
- Last 3 months bank statement
- Proof of income – Latest income tax return, the balance sheet of last 2 years, profit/loss certificate
Whenever there is a financial shortage, a self-employed individual can easily avail of a personal loan without ITR requirements. Always ensure that you fulfill other eligibility criteria and maintain a good credit profile to get the desired loan approved quickly. So you never have to worry about getting a loan when you are self-employed and don’t file ITR. Right from paying your debts to fulfilling all your personal needs, a personal loan comes in handy to cover all your expenses.
