When you apply for a loan and your loan application gets submitted, the lender considers multiple factors to derive your creditworthiness. One such factor is a summarised ITR report. ITR filing is a simple process and anyone, even when not in the taxable range, can file one. However, it is much easier for the salaried to show their ITR than non-salaried individuals who have income below the taxable range. They can find it very difficult to submit income proof or an ITR. So, let’s find out how you can get a loan without ITR.
Here’s How To Get A Loan Without ITR
Personal Loan
A personal loan is a type of financial product which you can avail from any lender to meet your temporary fund requirement. For the disbursal of this loan the bank requires no collateral and only asks for income proof and credit score to judge your loan repaying capacity, thus your creditworthiness. So, for this type of loan your bank might not need an ITR report.
Apply For A Secured Loan
Another best way to get a loan without ITR is to apply for a secured loan, a type of loan which is disbursed by the lender against the borrower’s security. This just means that you are getting funds against collateral which can be any performing asset like investments, mutual funds, FDs, property, owned vehicles, etc.
Get A Joint Loan
If you don’t have an ITR and your loan type requires you to submit it to your lender, then just apply with a co-applicant. Get a joint loan which will increase your chances to get approval.
“Adding a co-applicant to a loan will increase your borrowing capacity and help you bridge gaps in your loan application. If you are a non-salaried person, it makes sense to add a co-applicant to get a larger loan amount and instil confidence in the lender that you are a risk-free borrower and can repay the loan as per the agreement”, said, the CEO of BankBazaar, Adhil Shetty.
Also read:
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Apply For A Low Amount of Credit
Some lenders instead of asking for a pile of documents just consider income proof to give a loan approval for smaller amounts. So, if you can’t submit an ITR report or other necessary documents just ask for a low credit amount.
