Without ITR?

Is It Possible to Get a Business Loan 

Surya-Pratap Singh

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How to Improve Chances of a Business Loan Approval without ITR?

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1. A Healthy CIBIL Score

Lenders look for a good CIBIL score even if you are armed with your ITRs. Do ensure that your CIBIL score is at least 750 before applying for an unsecured business loan.

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2. Unofficial Lenders

A few lenders may agree to provide a business loan without ITR. However, do note that their policies and the terms of such loans may be very different from that of conventional lenders /business loans.

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3. Government Schemes

First-time entrepreneurs and budding business owners can avail a host of loan schemes introduced by the Indian government. These include:
The National Small Industries Corporation (NSIC) Subsidy
SIDBI Make in India Soft Loan Fund for MSMEs (SMILE)
PSB Loans
Stand-Up India

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4. Personal Loans
If you are a small business owner and do not have ITR for your business entity, you can try to take a personal loan for self employed instead. Do note that in order to be eligible for this loan, you will need to provide the required documentation and match the eligibility criteria as per the lender's policy for self-employed applicants.

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5. Co-applicants

If a close family member of the borrower is a professional with valid income proof, they are eligible to become co-applicants. This will increase the chances of the loan application being approved.

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What are the Business Loan Eligibility Criteria?

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Age Criteria:


The borrower cannot be below the age of 22 at the time of loan application. At the time of maturity of the loan, the age of the borrower cannot exceed 65 years.

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Loan Amount: 

Subject to criteria such as the applicant’s profile, credit score, the guarantor, nature of the business, etc, eligible applicants can get unsecured business loan amounts upto INR 50 lakhs*. 

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Collateral:
  Usually, collateral is not required for business loans upto a certain point. However, to avail of loans such as a loan against property, bill discounting, letter of credit, etc., you may be required to pledge an asset such as immovable assets or financial assets (depending on the nature of the loan).

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For  Full Details !!

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