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, starting new or small business, etc. Business loan is provided to the applicant considering the financial history, repayment capability, credit score, etc. Moreover, Follow below-mentioned the minimum documents required for a business loan application.
Documents Required for Applying a Business Loan
- Duly filled application form along with 2 Passport-sized photographs
- KYC Documents of the applicant, including PAN card, Passport, Aadhar Card, Driving License, Voter ID card, Utility Bills
- Last 1 years’ bank statement along with ITR
- Copy of Business Incorporation
- Any other document required by the bank
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Q. Can I get a Business Loan without ITR?
Ans. Yes, if you are planning to start a new business or micro enterprise then banks shall not require ITR. But if it is an existing business or you want to expand your business then an ITR of at least an year is required.
Q. What is the minimum turnover requirement for a Business Loan?
Ans. The minimum turnover required for a business loan shall solely depend on the discretion of the lender. It also varies as per business requirements and nature of business.
Q. What are the documents required for a business loan for a doctor?
Ans. The basic documents required for a business loan are applicant’s KYC, address and income proofs, business vintage proof, certificate of practice, clinic address, etc.
Q. What is the eligibility criteria to be considered as a micro enterprise?
Ans. The eligibility criteria to be considered as a micro enterprise is firstly, the investment should be less than Rs. 1 crore and secondly, the turnover should be less than Rs. 5 crore.
To avail business loan at low interest rates, applicants can check and compare from several loan options available at paisabazaar.com. 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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