Documents For Business Loan Application

Signed Application Form

Identity Proof (PAN)

Residential Address Proof

Last 3 years ITR (self and business), profit and loss account, balance sheets certified/audited by a CA.

Last 12 months bank account statement (self and business)

Certificate and Proof of Business Existence

Business Profile

Office address - ownership/ lease / rent agreement/ utility bill

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Loan Amount	Cashback
Rs. 12 lakh and above	Rs. 2,500
Rs. 8 lakh - less than Rs. 12 lakh	Rs. 1,500
Rs. 6 lakh - less than Rs. 8 lakh	Rs. 1,000
Rs. 4 lakh - less than Rs. 6 lakh	Rs. 500
Less than Rs. 4 lakh	Rs. 200

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Business Loan News - Mar 2020

2020-03-30 : All bank branches to be operational from Monday
The government instructed all the Indian banks to keep all banking channels to be opened and ensure banking branches and business correspondents function throughout the lockdown period. The government is aiming to provide a speedy and smooth offer of retail loans like home and personal loans along with business loans amid the lockdown.
2020-03-27 : RBI cuts repo rate by 75 bps to 4.40%
Reserve Bank of India reduced the repo rate by 75 bps to 4.40% and lowered the reverse repo rate by 90 bps to 4%. RBI is aiming to mitigate the economic disruption caused by Covid-19 and subsequent nationwide lockdown. Revised rates will impact the retail loans like home and personal loan along with the business loan.
2020-03-27 : RBI allowed three months moratorium on term loans
Reserve bank of India permitted banks and other financial institutions a moratorium of three months on payment of term loans. Further, the credit report of the customers will not be impacted. It was done to provide respite to the banks and customers amid the pandemic and subsequent nationwide lockdown.
2020-03-27 : FM ensured the bank amalgamation is on track
Finance Minister stated that the merger of ten PSBs in four anchor banks is on track and will not be impacted due to the onslaught of Covid 19. It will take effect from 1 April 2020. The merger will create large PSBs with scale and nationwide reach; it would help develop banks with a level comparable to global banks. It will further help in the speedy and efficient offer of retail loans like home, personal, and car loans along with business loans.
2020-03-27 : RBI to infuse Rs. 3.7 trillion to boost liquidity
RBI announced that it would inject Rs. 3.7 trillion to boot liquidity in the financial system to stave off the economic disruption caused by the Covid 19. Further, the central bank also reduced the cash reserve ratio requirement for all the banks by 100 bps to 3%. It will impact retail loans like home, personal, and car loans along with business loans.

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