What to expect
- Two to three years of filed ITRs are normally required
- Lenders read twelve months of bank statements and average them — one strong quarter will not carry a weak year
- Rates typically run 1 to 3 percentage points above comparable salaried applicants
- A cheque bounce in the statement period is the most common reason for decline
Documents you will need
- PAN and Aadhaar
- Last 2–3 years ITR with computation
- Last 12 months current account statements
- Business registration or GST certificate
Work out the numbers first
Before you apply anywhere, check what your income supports with the eligibility calculator, and what it will cost with the EMI calculator. Applying blind and being declined leaves a mark on your credit file that the next lender can see.