List of Documents Required for Business Loan

Business loan is an unsecured loan which can be used for various purposes like business expansion, purchasing plant and equipment, buying office space, paying off rent or salaries, hiring staff, debt consolidation, maintain inventory, enhancing stock, investment in infrastructure, purchasing raw materials, etc. Business loan is provided to the applicant considering his/her financial history, repayment capability, CIBIL score, etc. Moreover, Follow below-mentioned the documents required for a business loan application.

Complete List of Documents Required for Business Loan

The list of documents required to apply for a new business loan is as follows:

1. Application form: Duly filled application form with all the required details

2. Passport-sized photographs: Of applicant and all co-applicants

3. Business Plan: Self-documented

4. Proof of Identity:

• Voter’s ID card
• Passport
• Driving License
• PAN Card

5. Proof of Age:

• PAN card
• Passport
• Voter’s ID card

6. Proof of Address:

• Passport
• Voter’s ID card
• Sales Tax certificate
• Utility Bills (Telephone, Electricity)

7. Business Address Proof:

• Lease
• ownership or rent agreement
• proof of business existence

List of Financial Documents and Income Proof:

• Last 2 years’ IT returns
• Last 6 months’ bank statement
• Last 2 years’ Profit and Loss statement
• Last 2 years’ balance sheet audited by CA
• GST challans
• Tax audit reports
• Trade License

Loan details, if any

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Self Employed:

Proof of Identity of Private Limited Company or Partnership Firm

• Service tax
• IT return
• Sales Tax
• VAT
• Registration certificate under Shops and Establishment Act
• Memorandum of Articles (MoA) and Articles of Association (AoA)
• municipal tax bill
• certified copy of partnership deed

For Self-Employed Individuals

• Proof of Identity
• PAN card
• IT return
• water and electricity bill in the name of concern
• Voter’s ID card
• Driving license
• Passport and PAN card of the sole proprietor

For Self-employed Non professionals

• Proof of Identity – Individual
• Proof of Identity – Sole Proprietorship
• Last 3 years’ IT returns
• Last 3 years’ sales tax returns
• Last 6 months’ bank statement

To avail business loan at low interest rates, applicants can check and compare from several loan options available in the market. Applicants can apply for business loan online by visiting the bank’s official website or visiting the nearest branch. Government of India has launched various loan schemes to benefit millions of people nationwide. Therefore, above mentioned documents are necessary to be presented to the lender to avail business loan. Requirements may differ from bank to bank and even the loan features will vary.

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