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Documents for Business Loan Application

KYC and Income Documents for Business Loan

Last Updated 15th Apr 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).


Business Loan News - Apr 2021
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    Bandhan Bank reported an overall collection efficiency of 96% for the quarter ending March 2021. Total advances which include retail loans like home, personal, business, car, two-wheeler education and doctor loan along with business and mudra loans grew by 21% at ₹87,054 crores. Deposits which includes fixed and recurring deposits grew by 37% at ₹77,972 crores. Further, CASA deposits increased by 61 per cent at ₹33,827 crores.
  • 2021-04-12 : Rs. 15 lakh crores sanctioned under the Mudra Yojna in last 6 years
    The finance ministry reported that banks and financial institutions have sanctioned Rs. 15 lakh crores to over 28.68 crores beneficiaries in the last 6 years. Prime Minister Mudra Yojna or PMMY was launched in April 2015 with an aim to promote entrepreneurship.
  • 2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
    IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
  • 2021-04-05 : Yes Bank Jan-March deposits up 54% to 162, 947
    Yes Bank reported that the bank’s loan and advances which include home, personal, LAP, gold, two-wheeler, car and doctor loans along with business and mudra loans increased by 0.8% in year-on-year (YoY) terms to Rs. 172,850 crores. In addition to this, the bank deposit which includes fixed and recurring deposits grew 54.7% to Rs. 162,947 crores as compared to ₹105,364 crores on a yearly basis. The CASA(current and savings account) was up 51.8% to Rs. 42,587 crores against Rs. 28,063 crores YoY.
  • 2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
    Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.
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