How to Get a Personal Loan without an ITR?

Need a sudden cash outflow but are concerned since you haven't prepared your Income Tax Return (ITR) yet? 
Nothing to fear! Taking a personal loan without an ITR seems impossible in the classical sense. But several financial institutions offer instant access to funds without an ITR to both salaried and self-employed individuals. It is a godsend, particularly for freelancers, contract employees, or freshers who are unlikely to be asked to file an annual ITR.
 

Let’s break down how it works, the alternative documents you’ll need, and the ways to boost your chances of getting a personal loan without ITR.

What is a Personal Loan Without ITR?

A personal loan without ITR is just a loan that does not require you to file your income tax return documents while applying for it. 
Historically, lenders request ITRs of the previous two or three years to check the consistency of income and repayment ability. Yet, several people, including freelancers, gig workers, small business owners, and salaried first-time earners, might not have submitted an ITR yet. 
 

In those situations, online lenders enable you to validate your income by providing alternative financial records like salary slips, bank statements, or Form 16. 

Why Do Lenders Typically Require ITR for Personal Loans?

From the perspective of a lender, ITR is a convenient means to view proof of income and financial soundness. It has a critical role to play in conventional loan approvals since -
•    ITR allows lenders to verify your earning potential and repayment capability. 
•    Periodic ITR filing reflects financial discipline, reducing the risk of default. 
•    It enables lenders to see your income sources and tax burdens. 
•    For high-value loans, ITR confirms that all income is documented through formal records. 
But if your financial record appears healthy in general, you can apply for a personal loan through an Instant Loan App, even without ITR documents.

How to Get a Personal Loan Without an ITR in India?
 

It is possible to get a personal loan without an ITR in India if you take the proper steps. These are -
•    Maintain a good credit score of 750 or above. This is important when you do not give ITR, as it reflects that you are good at managing credit. 
•    Give alternative proof of income, like bank statements, salary vouchers, or Form 16. For the self-employed, financial statements of the business also suffice. 
•    Ensure that your KYC documents, like PAN and Aadhaar, are correct and updated. This helps verify your application quickly.
•    Look for loans targeted to salaried/self-employed individuals without ITR.

Credit Score and Its Role in Loans Without ITR

During a personal loan application without an ITR, your credit score is the most important trust indicator for lenders. Your credit score informs lenders that you are capable of managing money and makes you eligible for improved loan options and interest rates. 
A score of 750 and above significantly enhances your chances of approval, making it easier to secure a personal loan with flexible terms.

Alternative Documents That Can Replace ITR

If you cannot provide an ITR to showcase income proof, you can use other documents to provide your financial standing, such as:
•    Latest salary slips (last 6 months)
•    Bank statements (at least for the last 3-6 months to show regular income and spending patterns)
•    Form 16 from your employer
•    Notarised affidavit of your income (for self-employed individuals)
•    Business financials, profit and loss statements, balance sheets, or GST filings (for business owners)
Also Read: Personal Loan for Gig-Economy Workers: How Drivers, Delivery Partners, and Freelancers Can Prove Income & Get Approved 

Benefits of Getting a Personal Loan Without ITR

There are a number of advantages in obtaining a personal loan without an ITR, including:
•    Easy and fast processing - Fewer documents result in quicker loan disbursal. 
•    Less paperwork - For online authentication, you need to provide only soft copies; no physical authentication is needed. 
•    Suited for freelancers and small entrepreneurs - Offers access to funds for individuals with fluctuating income, without formal tax returns. 
•    Flexible payback - Select a payback period of 12 to 36 months and EMIs to fit your needs. 
•    Accessible access - Open to salaried, self-employed, and gig economy professionals.

Why Choose Hero FinCorp for a Personal Loan Without ITR?
 

With Hero FinCorp, you can apply for an instant personal loan in minutes, without needing complex paperwork or an ITR. Our transparent process includes:
•    Hassle-free digital application that can be done entirely from your smartphone
•    Get funds of up to ₹5,00,000 and calculate EMI within minutes
•    Minimal documentation requirements for quick and efficient verification using alternative income proofs
•    Quick disbursal of funds upon approval to meet your urgent needs.

Also Read: Customer Stories: How a Personal Loan from Hero FinCorp Made Dreams Possible 

Common Myths About Personal Loans Without ITR

Let's clear up some common misunderstandings about getting personal loans without an ITR:
 

Get Personal Loans Without ITR Hassle-Free

Not having an ITR doesn’t mean your financial goals have to wait. With the right documents and a good credit record, you can still get a personal loan with ease and confidence.
Apply with Hero FinCorp today. We offer a fully digital, paperless process and instant personal loans up to ₹5,00,000. Get the funds you need, stress-free!

Frequently Asked Questions

1. What is the minimum credit score required for a personal loan without an ITR?

A score of 750 or higher is generally recommended to improve the chances of approval. 

2. How long does it take to get a personal loan without an ITR?

With online lenders such as Hero FinCorp, approval and funds disbursal are possible in a matter of hours, subject to the verification procedure.

3. Are personal loan interest rates higher without ITR?

Not necessarily. Your rate of interest is based on your overall credit profile, such as your credit score, payment history, income verification, and so forth, rather than on your ITR alone.