Mudra Loan Without ITR Income Tax Return

Mudra Loan Without ITR

You can now get Mudra Loan Without ITR in a few hours itself. Mudra Loan provides loans to individuals in India who wish to start their business and become entrepreneurs or wish to expand their ventures too. One can benefit from three Mudra Loan schemes Shishu, Kishore and Tarun. All are money lending schemes and provide loans under different loan amount limits.

The entrepreneurs who are going to set up their new business, may not have income proof to submit, hence they get the Mudra Loan without ITR when they get the Shishu loan. But if an individual wants to avail Kishore and Tarun Mudra Loan Scheme, the loan amount is more and is usually provided to the businessmen who already are in the business. They get the Kishore or Tarun loan with the higher amount for their business expansion and so they have to submit income proof to the bank.

The documents and terms of condition that the businessman needs to fulfil depend on the documents required by the bank and the RBI Regulations. The basic documents that the bank requires are as follows.

The loan application form was filled out by the candidate for Pradhan Mantri Mudra Loan Scheme and the business installation form.

  • Address proof and ID Proof
  • Business establishment Proof
  • Ownership of business proof
  • Business continuity proof
  • Bank statements for the previous 6 months
  • Qualification proof
  • PMMY Project Report

Mudra Loan Without ITR

The new entrepreneurs and recent businessmen may not have enough business experience and earnings that they will file an ITR. This surely doesn’t mean they are not eligible for the loan for their new startup. In today’s time bank provides Mudra Loan to the entrepreneurs for the new business or business expansion after the submission of necessary documents.

In this era, you can get a business loan in the form of a Mudra loan scheme at a low-interest rate and flexible repayment option within 5 years. You might need to submit the ITR for more loan amounts to the bank.

The requirement for Mudra Loan has increased due to the increasing number of entrepreneurs and small scale startups in the country. You can now get loans at attractive interest rates in very less time.

To maintain a good credit score you need to have an ITR so that you can present a wonderful Cibil score to get Mudra Loan from a financial institution. Before the loan is sanctioned, the financial institution demands ITR Document, credit score, identity, address proof, income proof and business establishment proof. You need to keep these documents readily available.

Is ITR Required For Mudra Loan of Rs 2 Lakh?

The ITR is not required for Mudra Loan that is below Rs 50,000. You can get Mudra Loan above Rs 50,000 with the income tax proof. You can avail of it without ITE also but the banks apply certain conditions and charge more rate of interest if you don’t show ITR.

Important Information About Mudra Loan That You Don’t Know

If you are a transporter or wish to start a business transporting people from one place to another, you can get Mudra Loan For E-Rickshaw from the bank with or without ITR.

Before you take a Bank loan or Mudra Loan from a bank, you must know what happens when you can’t repay the installment. You should have each and every detail about Failure To Repay Mudra Loan.

When you approach bank, you will have to present the complete business plan to get Mudra Loan. You get it in a moment by approaching us and getting the Mudra Loan Project Report by making a small payment.

Do you know you have to present Cibil Score before the bank. When you wnat Mudra Loan you should collect all the information about Cibil Score For Mudra Loan before getting the loan.

Mudra Loan Eligibility Without ITR

  • Any individual, trader, manufacturer, retailer,  or company. Limited liability partnerships, NGOs, Trusts, Sole Proprietorship etc. are liable to get Mudra Loan.
  • Start-up companies, the latest business owners and the self-employed can also take Mudra Loan.
  • The minimum age criteria for every individual who wants to take Mudra Loan is 18 years. The age eligibility for Mudra Loan for doctors is 25 years.
  • The maximum age eligibility for every individual who takes Mudra Loan is 65 years at maturity.
  • The minimum loan amount that is given in the form of a Mudra Loan is Rs 10,000 and the maximum loan amount is Rs 10 Lakhs.
  • You need to maintain a good credit score for getting Mudra Loan that lies between 700 to 900.
  • The Mudra Loan without ITR is at times easy for the short amount but for a larger amount of loan say Rs 10 Lakh you need to present the ITR to the bank.  The financial institutions provide loans after checking ITR only and the individuals who don’t have it can also get the loan but the interest rate is high.
  • You can use Mudra Loan to expand your business or to buy any machinery or equipment. Buying raw materials with the amount of a Mudra loan is very common.
  • Every financial institution in India has its terms and conditions when providing Mudra Loan. It is advised to check it and compare it with other banks as well. The details that you can match with other banks are the repayment tenure, rate of interest, loan amount or foreclosure charges.
  • A credit score also is important for you to get Mudra Loan. It depicts the creditworthiness you carry for the banks to see. A credit score doesn’t come nicely in a day. It required months to reflect.
  • If you fulfil all the bak’s important conditions, you can easily get the Mudra Loan to meet your urgent cash requirement, giving you a good cash flow and meeting your working capital need.
  • Thus you can get Mudra Loan without ITR but the interest rate charged from you is higher.

Importance of ITR in Mudra Loan

The income tax return is a document that acts as proof of your income. Banks demand this document to check out how much loan can be lent to an individual along with the guarantee of repaying it.

It is also a sign that the income of the individual is appropriate to pay back the loan amount and interest. An ITR serves as a benchmark for money length. It is also a way to get the Mudra Loan at a low-interest rate.

What is the reason for getting Mudra Loan without ITR?

  • New businesses may not have done income tax filing.
  • There may be a lack of important documents.
  • If it is a new business after your unemployment, it cannot be thought that the business will not earn profits.

Best Ways To Avail Mudra Loan Without ITR

Banks that are both private and public, offer Mudra Loan schemes to individuals without checking ITR to certain loan amounts only. It is very difficult for a bank to determine the repaying capacity of an individual without seeing the ITR, so other important documents are demanded.

The financial institutions in India give the Mudra loan to entrepreneurs quickly without ITR but charge comparatively high rates of interest.

Easy method To get Mudra Loan without ITR

Mudra loan is a scheme started by the Prime Minister that gives loans to entrepreneurs so that they can start a new business. The businessmen can get loans without ITR to a certain amount.

  • You can also get a collateral loan if you don’t have ITR but you have been repaying the loan timely.
  • Getting Mudra Loan without keeping anything for a Mortgage is also possible.
  • When you don’t present ITR before the bank, you can still get the Mudra Loan by just giving your bank statement of current account and getting a loan for 5 years maximum.
  • The Mudra loan without ITR is given for a very less amount say around Rs 50,000 to Rs 2 Lakh maximum. The entrepreneurs who wish to start their business in this loan amount do avail of Mudra Loan without ITR.

Important Things About Mudra Loan Without ITR

  • The repayment tenure is going to be 5 years maximum.
  • The interest rate will be high because you don’t have ITR.
  • Bank statements are mandatory to present before the Bank.
  • Getting the loan without ITR is easy because the government itself wants to increase the economic activities in the country.

Frequently Asked Questions On Mudra Loan Without ITR

Can I get Mudra Loan Without ITR?

Yes, it is possible for you to get Mudra Loan without ITR and this is getting popular these days. You can get Mudra Loan without ITR from all government and private banks and other financial institutions as well.

Can Both Public and Private sector banks provide Mudra loans without ITR?

Yes, both public and private sector banks can provide Mudra loans without ITR but you should explore the interest rates and loan amount from other banks also and then finalize the loan with the best bank that suits your need.

What can help you while filing a Mudra Loan without ITR?

Mudra Loan Project Report can help you get the loan in no time without submitting the ITR if your PMMY Project report is well presented. It contains the complete business proposal that you will show to the bak and get a loan.

What are the minimum and the maximum age to get Mudra Loan without ITR?

The minimum age is 18 years and the maximum age is 65 years at the time of maturity of the loan. The minimum age for Mudra Loan for doctors is 25 years.

What are the cons of applying for a Mudra Loan without ITR?

You get the loan amount at a high-interest rate. Since the bank will not be able to check the income you have earned so far so it will charge high interest on low loan amounts.

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