Document Required for Business Loan

Business Loans Eligibility

Document Required for Business Loan

A business loan is a credit facility provided by several banks, non-banking financial companies (NBFCs), and financial institutions. Most lenders offer unsecured business loans or collateral-free loans in which applicants are not required to pledge security or collateral. This type of loan is also called a commercial loan. Business loans are provided to the applicant for the purpose of business setup or expanding their existing business.

A business loan can be used to build or expand a business unit. The acquired funds can serve overall business expenditures, including purchasing plant equipment, hiring staff, buying office space, consolidating debt, and more. Fortunately, getting a business loan is convenient. As long as you meet the eligibility criteria and have the document required business loan documents, you can obtain the funds in just a few days.

Documents required for Businesses:

Passport-sized photographs of all directors

Address proof of company and directors

GST return for 1 year.

Copy of agreement to sell

Registration certificate of GST, SSI, SALE, and VAT.

List of shareholders and directors with certified Chartered Accountant

Complete copy of memorandum order in hand.

ITR and computation for the previous 3 years of all the directors.

Updated bank account statement of the company for 1 year.

Repayment schedule and recent sanction letter.

Complete property documents with sanction MAP and Chain.

Complete financial with annexure and tax audit report for the previous 3 years.

Saving account statement of all the directors for the last 6 months.

Who can get a business loan?

For self-employed professionals: - The professionals such as Chartered Accountant, doctors, engineers, lawyers, etc.

For a proprietorship firm: - The company must have profit and loss statements to meet the criteria of lenders.

For private limited company: - The annual income should be above Rs. 1.5 lakhs for loan up to Rs. 15 lakhs.

Business Loans Eligibility

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