Self-Employed – Looking for loan without ITR?

Is ITR Submission Mandatory to Qualify for Hero FinCorp Instant Personal Loan Personal Loan?

A self-employed can avail personal loan at Hero FinCorp Instant Personal Loan after the verification of KYC details and income documents inclusive of latest 6 months bank statement. An ITR document is not mandatory for instant loans due to the short-term repayment period. Probing into the credit report is also a lender’s way to verify a borrower’s credit history. So, in the absence of ITR documents, there are other income sources available to measure the creditworthiness of a borrower.
 

Key Eligibility Criteria

1. Require proof of Indian citizenship
2. Self-Employed individuals should be in the age group between 21-58 years
3. Monthly income of self-employed individuals should be at least Rs.15000
4. Six months’ bank statement with relevant income details
5. KYC documents - Aadhar card/PAN card/Smart card driving license/Passport

 

Features of Hero FinCorp Instant Personal Loan

1. Small cash loans available from Rs.50,000 – Rs. 1.5 lakhs
2. Flexibility in repayment tenure, borrowers can set the tenure using the EMI calculator
3. Documentation is digital, KYC details are verified in a paperless format
4. Minimal processing fee at 2.5% + applicable GST

So, even a self-employed individual can easily avail personal loan without ITR requirements on the Hero FinCorp Instant Personal Loan app. Ensure that you fulfil other eligibility requirements on Hero FinCorp Instant Personal Loan to get the desired loan approved quickly.
Apparently, self-employed individuals are tech-savvy and spend most of their time working on their smart devices. So, whenever there is a financial shortage to manage business activities, it is advisable to download an instant loan app like Hero FinCorp Instant Personal Loan for self-employed in your smart phones and make the most of the loan approval facility in 24hours, without worrying much about ITR documents.

Frequently Asked Questions

Is filing Income Tax Returns (ITR) mandatory to qualify for Hero FinCorp Instant Personal Loan?

No, filing ITR is not mandatory for availing Hero FinCorp Instant Personal Loan. Self-employed individuals can qualify based on KYC details, income documents (including the latest 6 months' bank statements), and credit history verification.

What are the eligibility criteria for self-employed individuals to apply for Instant Personal Loan?

Eligibility criteria include:

1. Proof of Indian citizenship.

2. Age between 21 to 58 years.

3. Minimum monthly income of Rs. 15,000.

4. Six months' bank statement showing relevant income details.

5. KYC documents such as Aadhar card, PAN card, Smart card driving license, or Passport.

How quickly can the loan amount be disbursed?

Once approved, the loan amount is directly credited to the borrower's specified bank account within 24 hours, making it suitable for urgent financial needs.

What is the maximum loan amount and repayment tenure offered by Hero FinCorp Instant Personal Loan?

The loan amount ranges from Rs. 50,000 to Rs. 3,00,000. Borrowers can choose a flexible repayment tenure using the EMI calculator provided by the app.

Is it possible to take the business loan without ITR?

Yes, it is possible to take a business loan without ITR through collateral-based loans, strong credit scores, financial statements, government schemes, and alternative lenders focusing on business performance rather than ITR.