Can You Apply For Business Loan Without ITR?

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Can You Apply For Business Loan Without ITR?
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Business Loan Eligibility

• In today's marketing strategy, it is undoubtedly
  possible to get or apply for a business loan
  without ITR.
• It also provides various banking facilities such
  as loans without the need for ITR and higher
  interest rates.
• Individuals are eligible to get a business loan
  without ITR that includes companies,
  partnerships, Sole proprietorships, Trusts, NGOs,
  and Cooperative societies.
• This article will get an idea about business loan
  eligibility and ways of getting a business loan
  without an Income Tax Rate.

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Importance of ITR (Income Tax Rate)

• An ITR (Income Tax Rate) is a type of document
  which provides proof of income where the banks
  keep the amount of money lent to a person and ask
  for a guarantee to pay the bank back itself on
  time.
• It also signs that the individuals income is
  valid for interest payments.
• An ITR serves as a benchmark according to the
  amount of money and is an easier path that avails
  a low-interest rate.
• There are many reasons for getting business loans
  that include new businesses that can be
  inexperienced while filing ideas or collecting
  necessary documents, or starting a new business
  after unemployment.

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Criteria to fill a business loan without Income
Tax Rate

• Criteria that are needed to be fulfilled while
  getting a business loan without ITR are
• The minimum age required is 18, and a maximum of
  65 years of age is valid at the loan time.
• The minimum loan amount offered is 10,000 to a
  maximum of 10 crores or more according to the
  need.
• The credit score needed should be greater than
  700 up to 900 as possible.

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Documents required at the time of borrowing
business loan

• The documents that are required to get a
  business loan without Income Tax Rate are the
  application form, passport-sized photograph, a
  better and well-planned business plan that should
  include a higher chance to get a loan from the
  bank, ID proof, proof of the running business
  such as address proof, PAN card of business or
  the individual according to the requirement,
  incorporate certificate, rent agreement, and
  account bank status of the current time.

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Easy ways to get the business loan without Income
Tax Rate

• Some easy ways to get a business loan without
  Income Tax Rate are the schemes introduced by
  India's government, and most of the loans do not
  require collateral that offers loans without
  supervising ITR and logging on to the official
  website.
• The second way is when the collateral becomes
  available and cannot be present as an ITR with
  personal property when applying for a business
  loan.

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