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Business Loan Without ITR

Business Loan Without ITR – Nowadays the emergence of small scale business is at boom. Everyone has unique thoughts and ideas of new business plans but their plans get disturbed once there is a shortage of funds. Before starting any business an individual needs a lot of funds for acquiring business assets and managing working capital. The best option is to take a business loan in order to meet the day-to-day expenses and it is not possible without an ITR documents.

Do you have an ITR documents? if not, then there are possibility that you’ll not get a business loan. Being a financial advisor, it is our responsibility to help you out and suggest some financial institutions that grant business loan without ITR.

Business Loan

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    Business Loan Interest Rates Details

    Name of The InstitutionLoan AmountRate of InterestTenureBusiness VintageBank Statement Required
    Lendingkart1 Lac to 10 Lacs1.5% - 2% P.M1 to 36 Months6 Months12 Months
    Bajaj Finserv1 Lac to 15 Lacs19% - 25% P.A12 to 48 Months3 Years 6 Months
    IDFC First Bank1 Lac to 9 Lacs19% - 24% P.A12 to 48 MonthsNot Required3 Months
    HDFC Bank1 Lac to 20 Lacs18% - 21% P.A12 to 36 Months3 Years12 Months
    TATA Capital1 Lac to 20 Lacs19% - 22% P.A12 to 36 Months3 Years12 Months

    These are only financial institutions from where you can easily get the business loans without presenting the income-tax return document. Read the page till the end you’ll find some interesting facts which might fit your business financial needs.

    LendingKart Business Loan Without Any Return

    Lendingkart business loan without any income tax document between the range of 1 to 10 Lacs. You just have to provide your 12 months bank statement of your Current or OD A/c and get a loan credited into your account.

    Terms and Conditions

    • 1.5-2% is the Rate of Interest chargeable on a monthly basis.
    • Minimum and Maximum tenure of repayment is 1 month to 36 months respectively.
    • No ITR is needed, if you have strong bank statement.
    • Business must be at least 6 months old.
    • Bank statement must be of either Current A/c or OD A/c.
    • Nature of Business must be of Manufacturing, Trading or Service.
    • Provides loan on the rented house and office of the applicant.
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    Bajaj Finserv

    Bajaj Finserv is one of the known financial institutions that grant business loan to new businesses and they don’t ask for any ITR from the borrower. The loan range is from 1 Lac to 15 Lacs and you have to present 6 month Current or OD A/c statement to the institutions.

    Terms and Conditions

    • Rate of Interest is 19%-25% per annum.
    • The range of repayment period starts from 12 months to 48 months.
    • No need of ITR, if have strong bank statement.
    • Vintage Period must be at least 3 Years.
    • Applicants must be in the business of Manufacturing, Trading or Service.
    • Either the business place or the home must be owned by the applicant in the same city.

    IDFC First Bank ITR Free Business Loan

    IDFC First Bank is the only financial institution that grant business loan to manufacturing and trading businesses only without asking for the ITR. You can avail a sum of 1 Lac to 9 lacs by showing 3 month’s bank statement of Current, OD and savings account as well.

    Terms and Conditions

    • Charges 19%-24% rate of interest per annum.
    • Repayment period is of 12 to 48 months.
    • ITR is not required, if you have strong banking statement.
    • Grants loan to one day old businesses.
    • Doesn’t sanctions loan to service businesses.
    • Applicants must own either business place or home in the same city.

    HDFC Bank Business Loan

    HDFC Bank is one of the most famous banking institutions that can grant business loan without income tax return documents. You can easily get the loan between 1 to 20 Lacs without presenting the ITR document. But you have to present a 12 months Current or OD account bank statement to the bank.

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    Terms and Conditions

    • 18-21% is charged by the bank per annum.
    • The repayment period is between 12 to 36 months.
    • No requirement of ITR Document.
    • The business must be 36 months old.
    • The business place or the home of the applicant must be owned in the same city.
    • Provides loan to Manufacturing, Trading and Service businesses only.

    TATA Capital Business Loan Without ITR

    TATA Capital is a non-banking financial institution that helps the startup business in business expansion and doesn’t need the ITR document of the company. You just have to show a 12 months bank statement of your Current or OD A/c in order to avail the loan between 1 to 20 Lacs.

    Terms and Conditions

    • ITR documents is not required.
    • The rate of interest falls between 19%-22% per annum.
    • Tenure of the loan is 12 months to 36 months.
    • Business Vintage period must be of minimum of 3 years.
    • The applicant must own the home or business property.
    • Lends loan for Manufacturing, Service and Trading Businesses.

    Well, the above-mentioned financial institutions can give you business loan without asking for any Income Tax document. Every institution is having its own terms and conditions. Compare all of them and then make your final call.

    List of Documents Required

    • Pan Card of the individual, Company or Partnership.
    • Residential Proof – Passport, Driving License, Voter Card, Electricity Bill, Bank Statement, Rent Agreement. (Any One Document)
    • Office Address Proof – Bank Statement, Incorporation Certificate, Partnership Deed, Shops and Est. Certificates and Rent Agreement. (Any One)
    • Passport Size photo of the applicant.
    • The business must be registered.
    • For Partnership Business – Partnership Deed or Memorandum of Association.
    • Business Vintage Proof – Incorporation Certificate, Current A/C Bank Statement, GST, Shopect, Trade License, Aadhar Udyog and Business Licence. (Any One)

    Take Away..!

    Now, it has been proved that you can take business loan from the above financial institution without ITR. You can compare the rate of interest, Repayment Period, Business Vintage Requirement and Maximum Loan Amount, then decide which financial institution would be the best. The choice is yours and you have multiple options. Hurry up and grab the opportunity to expand your business.

    Free CIBIL Score
    Personal Loan Interest Rates November 2019
    Bajaj Finserv10.99% - 16.00%
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.99% - 18.40%
    IndusInd Bank10.99% - 16.00%
    Kotak Bank10.99% - 20.99%
    RBL13.00% - 18.00%
    Standard Chartered Bank11.50% - 18.00%
    Tata Capital10.99% - 18.00%
    Home Loan Interest Rates November 2019
    State Bank of India/SBI8.15% - 8.80%
    HDFC8.25% - 9.30%
    LIC Housing8.35% - 8.95%
    PNB Housing Finance9.25% - 12.00%
    Piramal Capital & Housing Finance9.00% - 9.10%
    Tata Capital9.20% - 9.35%
    ICICI Bank9.20% - 9.65%
    Bank of Baroda8.40% - 9.40%
    Axis Bank8.90% - 9.15%
    Citibank9.00% - 9.85%
    Indiabulls Housing Finance Limited8.80% - 11.05%
    Kotak Bank8.90% - 8.75%
    DHFL9.05% - 9.95%
    Reliance Home Finance8.75% - 14.00%