While documents required may vary from bank to bank, we have provided below a list of commonly asked documents for your reference:
- KYC and Personal Documents: PAN card, Aadhaar, Voter ID, Passport, or Driving License along with passport-size photos and a signed application form.
- Business Existence Proofs: GST certificate, Udyam/MSME registration, Shop Act license, or incorporation papers (MOA/AOA for companies).
- Proof of Business Address: Rental agreement/utility bill/Trade licenses/partnership deeds.
- Financial Documents: Income Tax Returns (ITRs) for the last 2-3 years, bank statements covering 6-12 months, Profit & Loss statements, balance sheets for 2-3 years, and sales tax returns
- Additional Requirements: Business plans, projected cash flows, or orders in hand, CIBIL score reports (minimum 650+ often needed) and collateral documents like property valuations. Project-specific items include government approvals, proforma invoices, or architect certificates for asset purchases.
Apart from the above-mentioned documents, there exist bank-specific variations. Always verify with the bank's portal for complete details.