Financial Blog

Now it is possible to get a Business Loan approved without ITR!!

posted on 2019-10-01 11:51:47 by Admin

At the present time, the appearance of small scale trade is escalating day by day. Every person has different thoughts and visions regarding new business ventures, but the idea gets troubled once the funding issue pops up.     

Before getting started with any kind of trade, it is necessary for a person to have sufficient funds for getting the business assets and manage the business expenses. The perfect and most suitable option is to apply for a business loan so that you could easily be able to match up the regular business expenses. Another problem that comes up while taking a business loan is that it is not offered if the ITR documents are not provided.

Well, are you going through the same issue of having no ITR? If yes, then there are chances that your business loan could get rejected without an ITR. Being a fin-tech company, we take the responsibility to assist the customers in the best way we could and serve them with best suggestions by means of giving out the information about the possible banks and other financial institutes who offer loans without ITR submission.  

Below we have mentioned the only banks that are offering the applicants with a brilliant facility of taking a business loan without submitting the income tax return. Just have a quick look at the following details to take a step forward to a business loan approval and get all your business funding needs managed smoothly.   

IDFC First Bank ITR Free Business Loan

IDFC First Bank is a sole bank that endows individuals with a business loan. But, this facility of a business loan without ITR is available just for managing the manufacturing & trading businesses. Therefore, if you are planning to apply for a business loan then it would be just perfect to opt for a reputed funding partner like IDFC First.

The bank is offering a loan of 1 lac to 9 lacs and for this, the applicant is required to provide the following documents:

●    Aadhar card
●    PAN card
●    Residence address proof
●    ID proof
●    Latest 6 months bank statement (current account/GST certificate)

Norms to be kept in mind:  

●    The interest rate is 19%-24% per annum.
●    The tenure to pay back the loan amount is 12 to 48 months.
●    You should have a strong bank statement.

HDFC Bank Business Loan

HDFC Bank is also offering a business loan without ITR submission. This is a reputed financial institute that is all set to endow the customers with the required funding for their trade even if they do not have an income tax return document. So, if you are looking forward to applying for an HDFC business loan then it would be just perfect to fund your trade as they are offering a loan amount of 1 to 20 lacs even if you don’t have the document for income tax return.

The bank is offering a loan of 1 lac to 20 lacs and for this, the applicant is required to provide the following documents:

●    Aadhar card
●    PAN card
●    Residence address proof
●    ID proof
●    Latest 6 months bank statement (current account/GST certificate)

Norms to be kept in mind:  

●    The interest rate is 18-21% per annum.
●    The tenure to pay back the loan amount is 12 to 36 months.
●    Business Vintage must be at least 36 months.  
●    Loan is available only for manufacturing & trading businesses.   

NOTE: the applicant must own a property (house or business) in the same city to get a business loan approved without ITR document through IDFC First Bank or HDFC Bank.