How to Get Personal Loan for Self Employed Without ITR?

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Fincrif India

Nov 3

05:34 AM

Financial services companies such as banks and NBFCs provide personal loans to self-employed individuals even in the absence of an ITR certificate. Still, consumers can apply for personal loans without submitting an ITR with the exception of a small number of lenders.

Modern technology advancements have made it possible for many financial sectors, such as banks and NBFCs, to implement online loan providing. Personal loan applications can now be submitted online without visiting a bank thanks to digital money lenders. Online loan applications are easy to complete and have a dependable process. Financial services companies such as banks and NBFCs provide personal loans to self-employed individuals even in the absence of an ITR certificate. Still, consumers can apply for personal loans without submitting an ITR with the exception of a small number of lenders. In order to find your perfect creditor who allows self-employed borrowers to apply for loans without needing an ITR, you will need to do a lot of research.


For your essential needs, you can thus easily and affordably get a personal loan for your needs from any online lender. MoneyWide is one such platform where consumers can get quick credit. In addition, the application process is hassle-free and doesn't include any needless documentation.

Personal Loan For Self Employed 

An individual can apply for a loan with ease if they are self-employed and have documentation of their income. Usually, lenders verify the borrower's income and supporting documents before extending a loan offer. So long as you have all the required paperwork, including evidence of income in the form of an ITR, getting a loan is easy.


But there are other individuals who operate as sole proprietors. Of the corporation, they are the only owners. Furthermore, people starting a business or a start-up might have no ITR certificate or may have one. That being said, there's no reason to worry. To apply for a personal loan, a self-employed person just needs to follow normal employment procedures. Finding lenders who provide personal loans for self-employed individuals without ITR is necessary in these situations.In order to get your loan accepted, you may need to provide additional documentation. Find out more by reading on.

Eligibility Criteria of Self Employed 

Before applying for a personal loan, self-employed individuals should always fulfil the eligibility requirements. It is advisable for them to verify if the lending company they have chosen provides personal loans to independent contractors with or without ITRS.


  • It must be proof of Indian citizenship or proof of residency.

  • In order to apply for self-employment, a candidate must be at least 21 years old. Fifty-eight is the maximum age.

  • Two years or more of industry-related job experience required.

  • A minimum monthly income of Rs. 25,000 is required of a self-employed applicant.

  • It is imperative that you keep your credit score at least 650.

  • To finish KYC, you'll need documents like your driver's licence, passport, Aadhar card, and PAN card.

How to Apply for Personal Loan Without ITR ? 

Applicants who are self-employed can have trouble getting their loans approved if they don't have an ITR certificate to prove their income. Applicants should provide alternate documents to the lender to prove to them that they can repay the loan. Applicants can get past this challenge with the help of these suggestions.

Extra money

If they are the only owner of the business, the borrower may provide additional evidence of income for self-employed documents. money from other ventures, house rent, money from parents or partners, etc., are examples of additional proof of income.

Find a surety

If the application is submitted without an ITR, the name of a guarantor may also be included. The guarantor is required to provide proof of income during the loan application process. They also have to ensure that, in the event of a default, the personal loan is repaid.

Assured collateral

Because most personal loans are unsecured, collateral is not needed. But, after supplying

security, a borrower might negotiate with the lender to have the loan amount disbursed even in the absence of proof of income.

Building a good relationship with the bank

Should there be a history of positive communication between the borrower and the lender, the lender may choose not to need any proof of income. For example, the lender may not require proof of income if the borrower already has a bank account with them or has a track record of making loan payments on time for previous loans. A person who has been pre-approved will also be able to apply for a quick line of credit without having to present any paperwork.



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