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Summary: Whether it is a medical emergency, your child’s higher education or a wedding, a personal loan is one of the convenient funding options today. Though it is easy to get a personal loan, certain documents are mandatory to obtain the final approval. A personal loan application that is not accompanied with the proof of ITR or other critical documents, has a higher chance of rejection. Read on for details.
A personal loan, from the point of view of its application and approval processes, is one of the easy financing options to meet expenses for various purposes, like a medical emergency, a wedding, a vacation or a big celebration. Usually, you do not need to inform the bank about the purpose of the personal loan, which makes it a popular need-based financing option in the market.
However, the income documentation for a personal loan for salaried individuals has always been a crucial part of conventional loan application. That said, instant personal loans like FIRSTmoney from IDFC FIRST Bank are making their way, with quick approvals without the need of ITR or other documents, except for your PAN card, necessary for the VKYC process.
A personal loan is an unsecured loan, which means you don't need to pledge any security or collateral to avail of it. However, if you are an individual seeking a personal loan without ITR, you may opt for a secured loan.
When an individual offers security against a loan, the bank may waive the ITR requirement per the personal loan criteria. Banks don't lend the entire collateral value as a loan but calculate the loan-to-value (LTV) ratio and arrive at the loan amount accordingly. For example, assume you have offered security worth Rs 5 lakhs, and the bank has an 80% LTV ratio. In this case, the maximum loan the bank can offer is Rs 4 lakhs.
However, digital personal loans from IDFC FIRST Bank FIRSTmoney provide collateral free loans of approved limits of up to ₹10 lakhs with the facility to withdraw funds unlimited times or in one go depending on your financial needs. This makes it more flexible than the conventional personal loans and all you need is present your physical PAN during the video KYC process. The application is quick, convenient and can be completed within minutes from the comfort of your home.
The next step to getting a loan without ITR is to build and maintain a good credit score. Banks consider a CIBIL score of 730 and above a good score for any loan, including an instant personal loan through FIRSTmoney. Beyond 730, the higher the CIBIL score, the better the chances of getting a personal loan without ITR.
A higher CIBIL score may also help you get a personal loan of a higher amount, and that too at a lower interest rate.
The bank goes beyond your CIBIL score when evaluating your loan application. They check your loan repayment history. If you have been making the entire monthly repayment (and on time), it shows you have good credit discipline; and banks prefer lending to such customers.
IDFC FIRST Bank offers FIRSTmoney instant personal loans without ITR through a hassle-free digital application process. All you need is your PAN card and credit score of 730 and above. Here are some features that make this digital personal loan unique.
1. Instant personal loan access: With IDFC FIRSTmoney, you can access funds whenever the need arises, eliminating the waiting period associated with traditional loan approval processes.
2. Flexibility: The credit line feature of IDFC FIRSTmoney provides unparalleled flexibility, allowing you to borrow as much or as little as you need, up to your approved limit, and repay at your convenience.
3. Zero foreclosure charges: IDFC FIRST Bank FIRSTmoney offers a cost-effective borrowing solution through zero foreclosure charges. You get the freedom to repay your used funds anytime with flexible tenure options.
4. Flexible loan amounts: With this instant personal loan, you get to choose any amount starting from ₹5,000 up to your approved limit. In addition, you get the option to withdraw amounts in tranches or in one go.
5. Customisable repayment options: FIRSTmoney offers you the freedom to choose from flexible tenure options ranging between 2 months to 60 months that suits your financial needs.
6. Both Salaried and Self-Employed Individuals can apply
While ITR remained a crucial step for conventional loan approvals, instant personal loans have paved ways for quick loan access without the need for producing ITR documents. The digital application further eases the process with minimal documentation and quick approvals. Making the process even more convenient, FIRSTmoney provides instant loan access with immense flexibility and convenience to meet your varying financial requirements without hassles.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.