Self-Employed – Looking for loan without ITR?
Loans help to tide over urgent financial needs, be it personal or business requirements. Loans are classified into secured and unsecured loans. Secured loans demand a collateral and unsecured loans are collateral free loans but carry a higher rate of interest as compared to secured loans. Also, such loans are sanctioned based on their past credit rating and income, as lenders need to be sure of the creditworthiness of the borrower with respect to their debt repayment behavior.
A self-employed individual who does not file an income tax return (ITR) may find it difficult to get loans from banks and NBFCs. However, now there are many online instant loan platforms like SimplyCash, where even a self-employed individual without ITR can avail personal loans if their KYC documents are proper and approved. A personal loan for self-employed can be used for various reasons like business expenses, working capital requirements, liquid cash need, staff needs etc.
SimplyCash, which is powered by HeroFinCorp, is one of the innovative and user-friendly digitized personal loan app creating a buzz amongst borrowers in need for personal loan. Here, you can avail instant personal loan starting from Rs. 50,000 up to a maximum limit of Rs 1,50,000 in just few clicks. Best is the loan amount directly gets credited to your specific bank account within 24 hours.
Is ITR Submission Mandatory to Qualify for SimplyCash Personal Loan?
A self-employed can avail personal loan at Simply Cash after the verification of KYC details and income documents inclusive of latest 6 months bank statement. An ITR document is not mandatory for instant loans due to the short-term repayment period. Probing into the credit report is also a lender’s way to verify a borrower’s credit history. So, in the absence of ITR documents, there are other income sources available to measure the creditworthiness of a borrower.
Key Eligibility Criteria
- Require proof of Indian citizenship
- Self-Employed individuals should be in the age group between 21-58 years
- Monthly income of self-employed individuals should be at least Rs.15000
- Six months’ bank statement with relevant income details
- KYC documents - Aadhar card/PAN card/Smart card driving license/Passport
Features of Simply Cash Personal Loan
- Small cash loans available from Rs.50,000 – Rs. 1.5 lakhs
- Flexibility in repayment tenure, borrowers can set the tenure using the EMI calculator
- Documentation is digital, KYC details are verified in a paperless format
- Minimal processing fee at 2.5% + applicable GST
So, even a self-employed individual can easily avail personal loan without ITR requirements on the SimplyCash app. Ensure that you fulfil other eligibility requirements on SimplyCash to get the desired loan approved quickly.
Apparently, self-employed individuals are tech-savvy and spend most of their time working on their smart devices. So, whenever there is a financial shortage to manage business activities, it is advisable to download an instant loan app like SimplyCash for self-employed in your smart phones and make the most of the loan approval facility in 24hours, without worrying much about ITR documents.