Get an Instant Business Loan Without Filling ITR by Munafawala’s. However, there is a catch. The loans come at higher interest rates and shorter tenures. With many entrepreneurs wanting to build start-ups each day, the need for business loans is now more than it has ever been.
So, while there is no doubt that you will get a business loan for start-up or setting up your business, you should make sure that you file your income tax returns on time.
Income Tax Returns serve as proof that you have a source of income. Banks and NBFCs use this information to decide whether to grant you a loan and whether you can pay your dues.
ITR serves two purposes:
1. First, it acts as a benchmark for the money that banks can lend.
2. Second, it helps you, as a borrower, get Business Loans at nominal interest rates.
You should make sure that you file your income tax returns every year to be helpful on these fronts.