Not paid ITR

[Rakesh]

If we want to take a loan and we have not paid the itr, what will be its impact?

 

[anuragmukherjee28]

Not paying your income tax return (ITR) can have a negative impact on your loan application. Banks/credit score calculating agencies use your ITR to assess your creditworthiness and income. If you have not filed your ITR, Banks/credit score calculating agencies will have difficulty verifying your income and may be hesitant to approve your loan.

• Rejection: Banks/credit score calculating agencies may simply reject your loan application if you have not filed your ITR.
• Higher interest rates: If your loan application is approved, you may be offered higher interest rates.
• Shorter loan tenure: Banks/credit score calculating agencies may also offer you a shorter loan tenure if you have not filed your ITR.
• Additional documentation requirements: Banks/credit score calculating agencies may require you to provide additional documentation, such as bank statements and pay stubs, to verify your income if you have not filed your ITR.
• it might impact your CIBIL score