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Getting a Personal Loan without an ITR

5 min read Oct 25, 2023


Getting a Personal Loan is easy, as we all know. Kabir assumed the same thing while he was applying for a loan for home renovation. However, to his dismay, his application was rejected. The reason for rejection was stated as "inadequate documents". Upon enquiry with the bank, he understood that he needed to submit the previous year's ITR (Income Tax Return).

A Personal Loan is the easiest loan to acquire as it does not require any collateral. But this means that your creditworthiness is what determines your eligibility for the loan.

Your creditworthiness is established based on the documents you produce. For a salaried employee, this can be easily established using pay slips and bank statements.

Why ITR may be needed

However, some banks also insist on an ITR as it serves as proof of income. Hence, in some cases, it might not be easy to obtain a Personal Loan without ITR. Since a Personal Loan is an unsecured loan it does not require any collateral or security. This is probably why some banks insist on the ITR, as additional proof of the borrower’s income status and eligibility to repay the loan, in other words, your creditworthiness.

Credit score in place of ITR

Your credit score determines your creditworthiness. The score can range from 300 to 900. A credit score of 750 and above can help you get a loan easily. If you want a Personal Loan and do not have an ITR but have a credit score of 750 or more, the chances of getting the loan will be higher since you exhibit good credit behaviour.

[Also Read: Get the Facts: 5 Myths of Personal Loans Busted]

Axis Bank Personal Loan Criteria

Axis Bank offers Personal Loans to salaried employees with tenures ranging from 12 to 60 months. The loan amount can vary between ₹50,000 and ₹40,00,000. The eligibility criteria are as follows:

  • Age: You should be aged between 21 and 60 years.
  • Net monthly income: The minimum monthly income must be ₹15,000.
  • Profession: You must be a salaried employee working in a private or public sector enterprise, a salaried doctor or an employee of a government undertaking.

If you are an existing customer with Axis Bank, the likelihood of your loan getting approved is higher. The income proof required is the salary slips and bank statements of the last two months, employment proof along with KYC documents, date of birth proof, and signature proof.

Thus, a salaried employee who does not have an ITR can also apply for an Axis Bank Personal Loan. You can use the Personal Loan EMI Calculator to know the monthly instalments. It will also give you a breakup of the interest amount paid. Axis Bank's interest rate for Personal Loan starts at 10.49% p.a.


A Personal Loan is an all-purpose unsecured loan with no tax benefits. It requires minimum documentation. However, some banks insist on the previous year's ITR as proof of your creditworthiness. If you do not have an ITR, you can ensure a better credit score and offer collateral to get the loan.

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author 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. Please consult your financial advisor before making any financial decision