Is ITR required for a personal loan?

 

A personal loan is an unsecured form of loan that includes proper documentation and eligibility criteria. It is critical to apply for a personal loan with banks and non-banking companies if you have an income tax return. Whether you are salaried or self-employed, it is mandatory to file an income tax return for the previous years. Banks and non-banking companies will offer a personal loan in Delhi if you have filed an income tax return for a minimum of two years. Income tax returns are an important piece of documentation in a personal loan apply process that acts as proof of income. Income is a vital eligibility criterion to get an instant personal loan online. Therefore, tax liabilities and income proof are important.

Why is an income tax return required for personal loans?

An income tax return document is mandatory for personal loans. It should be submitted by both salaried and self-employed individuals. If your income falls under the taxation slab, it is mandatory to file an income tax return for the previous years. This is an official document that is taken as proof of income for salaried as well as self-employed individuals. In this document, the entire salary breakdown with gross and net salary is stated. The tax liabilities and tax deductions are also mentioned in the income tax return document. It is important for loan providers to check the financial background of individuals while taking a personal loan.

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Income tax return documents

The income tax return document is one of the most important and latest income tax returns that acts as proof of income for self-employed as well as salaried individuals. It comprises a balance sheet and a profit and loss statement and is certified by a chartered accountant. It clearly offers detailed income evidence for loan providers to judge the applicant on the basis of income before approval of personal loans.

Finishing up

If you want an instant personal loan online, make sure you have compared all the loan options using a personal loan EMI calculator. Get a smooth personal loan apply process with Clix Capital today. You can get a personal loan in Delhi easily with Clix Capital.