Yes, ITR is a necessary document to apply for MUDRA Loan. If you're eligible for a MUDRA loan, you'll need to provide two years' worth of Income Tax Returns (ITRs) as proof.
When applying for a business loan, your eligibility and loan amount will be determined by your income. ITRs provide a complete picture of your entire income and taxes paid over the course of the year. So this is an important document to access your eligibility for any loan.
Other general documents that are required to apply for MUDRA loans:
- Address proof
- Photo identity proof
- Proof of business continuity
- Establishment proof and proof of residence or office
Aside from the above-mentioned papers, the loan's terms and conditions will be governed by the lending institution's policies and RBI regulations. The documentation required by your lender may range from lender to lender, so make sure you have all of the documents required by your lender.
Additional Read: Mudra Yojana Loan: Features and Benefits