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Documents for Business Loan Application

KYC and Income Documents for Business Loan

Last Updated 20th Jan 2021

FormDuly filled application form
Identity Proof PAN Card/Driving License/ Passport/ Voter's ID/ Aadhaar Card
Address ProofPassport/Driving License/Voter's ID/Aadhaar Card/Utility Bill/Bank Statement/Bank Account Passbook
Ownership ProofAgreement Copy / Electricity Bill / Maintenance Bill with share certificate / Municipal tax bill/Share certificate
Business Continuity ProofShop and Establishment certificate/Tax registrations-VAT/Service tax/GST registrations
Firm ConstitutionMOA/Partner Ship Deed/GST Registration Certificate
Income ProofIT returns, bank statement, Profit and Loss statement, balance sheet audited by CA, GST challans, Tax audit reports, Trade License
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Documents Required for Business Loan

To grow or expand your business, you can take a business loan from financial institutions. There are various banks and NBFCs which offer business loans at a competitive interest rate. To avail a business loan, a borrower will have to submit the various documents to verify the authenticity of the loan applicant and to ensure that accurate information is provided for the loan process. The information collected determines whether the borrower will be able to repay the loan on time. The documents required for a business loan are listed below:

Self Employed (Private Ltd. Co. and Partnership Firms)

Self-employed owners of private firms or partnership firms can avail business loans by submitting the following documents:

  • PAN Card
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate
  • Bank Statement of the last 6 months
  • Last 2 Years ITR Balance Sheet and Profit & Loss a/c. Audited or Certified by a CA
  • Proof of continuation - ITR/ Trade license /Establishment /Sales Tax certificate
  • Sole Proprietor Declaration or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association & Board resolution (Original)

Business Loan Documents for Self-Employed Individuals

Self-employed individuals can avail a business loan by submitting the following documents:

  • Proof of Identity - Passport / Voters ID card/ Driving License/PAN Card
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Lease agreement/ Passport/ Trade license /Sales Tax certificate
  • Bank Statement of last 6 months
  • Latest ITR along with computation of income, Balance Sheet & Profit & Loss a/c for the last 2 yrs. audited or certified by a CA
  • Proof of continuation - ITR/Trade license /Establishment /Sales Tax certificate
  • Other Mandatory Documents - Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)

Documents Required for Business Loan from Self-employed Non-Professionals

Self-employed non-professionals can avail business loans from financial institutions by submitting the following documents:

  • Identity proof – PAN Card/Driving License/ Passport/ Voter's ID/ Aadhaar Card
  • Identity proof of sole proprietorship – PAN card of sole proprietorship
  • Last 3 years’ IT returns
  • Last 3 years’ sales tax returns
  • Last 6 months’ bank statement

FAQs

Are the documents required to apply for a business loan the same across lenders?

Business loan documents which every lender will ask you to submit are an application form, passport-sized photographs, business plan, identity proof, date of birth proof, address proof, income proof and business address proof.

Who all can take a business loan?

The eligibility parameter for a business loan is a minimum age of the applicant should be 25 years and a maximum of 65 years at the time when the loan gets matured. A borrower should be in current business for more than 3 years and earning at least ₹ 1.50 Lakh per month.

What are the documents required for SBI business loan?

The documents required to avail SBI business loan are business plan, duly filled application form, passport-sized photographs, PAN card, KYC documents of the applicant, Identity proof, address proof, ownership proof of either residence or office, proof of business continuity, Profit & Loss Statement and Balance Sheet (duly audited by a registered CAs).


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Business Loan News - Jan 2021
  • 2021-01-19 : ank of Maharashtra reported Q3 profit up of ₹154 crore
    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 2021-01-18 : Karnataka Bank Q3 net profit rises to ₹135 cr
    Karnataka Bank posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10%. Further, net interest income rose 21% to ₹614 crore from ₹508 crore in Q3FY20.
  • 2021-01-08 : IndusInd Bank reported 11% growth in Q3 deposits
    IndusInd Bank posted a 3.2% quarter-on-quarter growth in the net advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans in the December quarter. Further, the bank also posted a 5% quarterly growth in deposits which includes fixed and recurring deposits.
  • 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
    HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020.
  • 2021-01-06 : Yes Bank reported 1.3% quarterly growth in loans and advances
    Yes Bank registered 1.3% quarter-on-quarter growth in loans and advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans to Rs 1.69 lakh crore during the December quarter. Deposits which include fixed and recurring deposits grew 7.7% to Rs 1.46 lakh crore. Further, the current account and savings account deposits grew 12.6% to Rs 37,973 crore.
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