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 - Aug 2019

2019-08-21 : Public sector banks to sanction more amount for MSME loans
Public sector lenders are all set to approve more amount of loans to MSME borrowers under the psbloansin59minutes portal. Currently, loans are sanctioned up to Rs. 1 crore. However, banks like SBI, Union Bank of India and Corporation Bank are planning to sanction loans of up to Rs. 5 crores.
2019-08-21 : SBI to co-originate loans with NBFCs
SBI plans to co-originate home and business-related loans with NBFCs. This is done by SBI to seek NBFCs help to meet lending demands of the priority sector. This will boost the MSME and housing sector, keeping banks at low-cost lending benefits.
2019-08-20 : Soon banks to sanction retail loans through a portal
Banks will soon move to sanction retail loans, primarily auto loans and car loans through a portal,‘psbloansin59minutes.com’. The platform was earlier used to approve only MSME loans of up to Rs. 10 lakh and Rs. 5 crores. The decision will help the lenders to lend retail loans in a hassle-free manner with less turnaround time.
2019-08-16 : Retail loans likely to become cheaper as Indian Overseas Bank reduces its MCLR rates by 15 basis points
After RBI’s repo rate reduction, IOB has reduced its MCLR by 10-15 basis points, making its business loans and personal loans cheaper. To engage more customers in the loan borrowing process, the bank has also introduced the 59 minute loan scheme. Under the scheme, personal loans can be availed easily, within an hour. The online process, might help banks and customers to reduce cost spent on paperwork formalities.
2019-08-02 : India Post Payments Bank to be converted into small finance bank soon to offer small loans to customers
The postal department has decided to convert the India Post Payments Bank (IPPB) into a small finance bank. The decision will enable them to offer small loans to customers, including micro-credit and SME loans at their doorsteps. The department also has plans to achieve the target of one crore accounts for IPPB in 100 days.

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