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
| Lender | Interest Rate | Loan Amount | Loan Tenure |
| Chola Finance | 14% p.a. to 21% p.a. | Rs.30,000 to Rs.20 lakh | 12 months to 60 months |
| IIFL | 11.25% p.a. to 33.75% p.a. | Rs.50,000 to Rs.30 lakh | 12 months to 60 months |
| Poonawalla Fincorp | 15% p.a. to 28% p.a. | Up to Rs.50 lakh | Up to 3 years |
| FT Cash | 12% p.a. to 22% p.a. | Up to Rs.50 lakh | Up to 3 years |
| NeoGrowth | 19% p.a. to 24% p.a. | Up to Rs.75 lakh | Up to 7 years |
| FlexiLoans | 12% p.a. onwards | Up to Rs.1 crore | 1 year to 5 years |
| LendingKart | 12% p.a. to 28% p.a. | Up to Rs.1 crore | 12 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 Interest | 11.25% to 33.75% p.a. |
| Processing Charges | Up To 4% + Taxes |
| Insurance Charges | 3% |
| Late Charges | Bank will decide |
| Loan Tenure | 1 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.