Yes, applicants can avail personal loans without ITR but only through certain lenders such as Money View. At Money View, the emphasis is placed on minimal documentation and a hassle-free application process.

Eligibility Criteria for Personal Loans for Self-Employed without ITR

To avail a personal loan from Money View, one will have to fulfill the eligibility criteria given below -

  • Applicants must have a minimum in-hand income of Rs. 15,000 per month
  • Income must be directly credited to the applicants’ bank account
  • A minimum CIBIL score of 600 or more or Experian score of 650 or more
  • Applicants must be between the ages of 21 years and 57 years

Documents Required for Personal Loans for Self-Employed without ITR

Given below are the documents required to avail a Money View personal loan -

Identity Proof Address Proof Income Proof
PAN Card - This is the primary ID proof required. However, if it is rejected due to image quality issues or other reasons, any 1 of the officially valid documents given below will suffice)
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
Any 1 of the following -
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
  • Utility Bills (Electricity, Water, Gas) dated within the last 60 days
Salaried Applicants - Last 3 months’ bank statements of your salary account in PDF format showing salary credits
Self-Employed Applicants - Last 3 months’ bank statements in PDF format if you are self-employed

Fees and Charges for Personal Loans for Self-Employed without ITR

Fees & Charges Amount Chargeable
Interest Rate Starting from 1.33% per month
Loan Processing Charges Between 2% to 8% of the approved loan amount
Interest on Overdue EMIs 2% per month on the overdue EMI/Principal loan amount
Cheque Bounce Rs.500/- each time
Loan Cancellation
  • No additional charges levied
  • Processing fees will also be retained

How to Apply for Our Personal Loans for Self-Employed without ITR

Check your eligibility

Give us the required details and we will let you know your eligibility in 2 minutes

Choose your loan plan

Based on the options given, you will have to select the loan amount and repayment term of your choice

Upload required documents

Upload all of the necessary documents online for verification

Loan transfer to your bank account

Post verification and submission of loan agreement, the loan amount will be credited to your account within 24 hours

Note -

  • Once your documents are verified, you will receive a NACH form which needs to be printed, signed, scanned, and sent back to us
  • This step will enable the auto-debit facility from your bank account and allow you to pay your EMIs on time automatically without the need for any manual intervention
  • On receiving your NACH form, you will need to review the loan agreement on the app. Please submit the application after reviewing all the terms and conditions thoroughly

In Conclusion

If you are a self-employed individual and require a personal loan but do not have an ITR then there is no need to worry. At Money View, we do not ask for your ITR. All you will have to submit is the appropriate income proof, fulfill the eligibility criteria and avail the loan easily. Visit the Money View website or download the app to apply today.

Personal Loan for Self Employed without ITR - Related FAQs

Ans: No, without income proof you cannot avail personal loans. You will need to provide bank statements as proof of your income.

Ans: To successfully apply for a loan from any financial institution, your credit score is one of the most critical factors. However, at Money View, we use a unique credit rating system that takes into account not just your credit score but other criteria as well. Therefore, a CIBIL score of 600 and above or an Experian score of 650 and above is good enough for you to apply for an instant personal loan on Money View.

Ans: Interest rates on personal loans vary based on various factors, some of which are given below -

  • Income: The higher you earn, the lower you pay as interest. When you have a high income, the bank’s lending risk plummets as it believes that you wouldn’t have much difficulty in repaying the loan amount. However, if you have multiple loans running at the same time then your interest rates will be higher.
  • Past Loan Repayment: Loan lenders scrutinize your previous loan repayment behavior and gauge your creditworthiness once they receive your loan application. If you hold a credible record of loan repayment, you would enjoy low-interest rates.
  • Nature of Your Business: If your business is risky and prone to a lot of market changes, lenders would be extremely careful while assessing your application and may charge you a high-interest rate.
  • Your Business Reputation: If you have been in your industry for quite some time and have earned a good reputation for your firm, lenders would consider it as stable and would charge a low-interest rate on your loans. In the same vein, new business owners would have to pay relatively higher rates of interest.

Ans: Self-employed individuals who earn a minimum of Rs. 15,000 per month can avail personal loans from Money View