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 required business loan documents required for business loan, 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 business loans 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.