How to Take a Loan without ITR

How to Take a Loan without ITR: Get 50 Lakh Loan

Some people have a myth that without an Income Tax Return (ITR) you cannot take a business loan. But 24hr Loan broke the myth. Now, you can get up to Rs. 50 lakh business loan with IT file.

Many NBFC companies give loan offers with 3 years trade license. So, it’s easy for business owners to startup loan, or MSME loan to make the business more profitable.

Lenders Provide Business Loan without ITR

LenderInterest RateLoan AmountLoan Tenure
Chola Finance 14% p.a. to 21% p.a.Rs.30,000 to Rs.20 lakh12 months to 60 months
IIFL11.25% p.a. to 33.75% p.a.Rs.50,000 to Rs.30 lakh12 months to 60 months
Poonawalla  Fincorp15% p.a. to 28% p.a.Up to Rs.50 lakhUp to 3 years
FT Cash12% p.a. to 22% p.a.Up to Rs.50 lakhUp to 3 years
NeoGrowth19% p.a. to 24% p.a.Up to Rs.75 lakhUp to 7 years
FlexiLoans12% p.a. onwardsUp to Rs.1 crore1 year to 5 years
LendingKart12% p.a. to 28% p.a.Up to Rs.1 crore12 months to 36 months

Benefits of taking a Loan without ITR

  • Don’t need complex documents like ITR files.
  • Eligible for greater loan amounts of Rs. 50 lakh with Trade License.
  • The interest rate is affordable for you. 24hr Loan gives you 11.25% p.a.
  • Take repayment tenure of 5 to 7 years.
  • With the digital process, your business loan will be disbursed much quicker.
  • No other hidden charges for you.

Required Eligibility for Business Loan without ITR

 Our eligibility criteria will help startup business owner & who are not doing IT file right now. So, let’s check the eligibility criteria for a loan:

  • Citizenship should be Indian
  • Complete the minimum age of 21 years & maximum age of 62 years
  • Credit Score: 720+
  • You should maintain a Bank statement with a minimum of Rs. 20,000 within 60 months
  • Individual proprietors, retailer shops, private limited company & public limited companies are eligible for business loans.
Also Read: How much business loan can I get?

List of Documents Required

Take a business loan with minimal documents. List of following documents required:

  • Applicant Identity Proof: Pan Card & Aadhaar Card
  • 3 years old Trade License
  • Last 1 year’s current/savings account statement
  • Business Address Proof: Electricity bill/ Rent Agreement  
  • Residential Address Proof: Electricity bill / Rent Agreement/ Property Paper
  • Documents of Co-applicant: Aadhaar Card & Pan Card
  • Private / Public Limited Company: Company Pan Card required

Business Loan without ITR Interest & Charges

Rate of Interest11.25% to 33.75% p.a.
Processing ChargesUp To 4% + Taxes
Insurance Charges3%
Late ChargesBank will decide
Loan Tenure1 year to 7 years

How to Apply for Business Loan without ITR

Step 1: Go to the Business Loan page or directly click on the “Apply Now” tab.

Step 2: Fill in your loan-related details queries

Step 3: The Lender will check your loan eligibility.

Step 4: If your loan is approved, start the e-mandate process for loan disbursement.

FAQs on Take a Loan without ITR

Can I really take a loan without ITR File?

Our answer is yes. You can definitely take a loan without an ITR file. But you should provide 3 years old vintage proof that is a trade license.

How much loan is available without an Income Tax file?

Take the maximum loan of Rs. 50 lakhs without Income Tax file.

Can I apply for an IIFL business loan without ITR?

IIFL business loan available without income tax file. Get up to Rs. 30 lakhs business loans through IIFL.

What is the business loan tenure?

Many banks provide business loans for up to 5 years. But in some cases, it can be extended up to 7 years.

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