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 his/her financial history, repayment capability, CIBIL score, etc. Moreover, Follow below-mentioned the documents required for a business loan application.
Documents Required to Apply for 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
- Annual Business Turnover: Minimum Rs. 10 lakh or above (For existing businesses or enterprises)
- Non-Collateral Overdraft
- Copy of Business Incorporation
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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