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✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now!

A business loan can be used to build or expand a business unit. The acquired funds can serve overall business expenditures, including purchasing plant equipment, hiring staff, buying office space, consolidating debt, and more. Fortunately, getting a business loan is convenient. As long as you meet the eligibility criteria and have the required business loan documents, you can obtain the funds in just a few days. 

 

Documents Required for Business Loan 

When applying for a business loan, you have to present a certain set of documents to support your application. Some of the essential common documents include: 

  • Application Form: Fill the loan application form with the necessary details and provide one passport-sized photograph

  • Proof of Applicant's Identity:  Passport, PAN card, Voter's ID card, driving license, and MAPIN (Market Participant Identification Number) card

  • Address Proof:  Aadhaar Card, Voter’s ID, Ration card, telephone bill, lease agreement, or electricity bill

  • Proof of Age:  Passport, PAN card, Voter's ID

  • Financial Documents:  IT returns for the last two years, bank account statements of last six months, and P&L and balance sheet for last two years audited by a chartered accountant (CA)

Documents for Self-Employed (Professional)

Documents for Self-Employed (Non-Professional)

 

Proof of individual identity

Proof of identity of the sole proprietorship

Income tax returns for at least three years

Three years income tax and sales tax returns documents

Identity proof such as passport, driving license, Voter’s ID, PAN card

A copy of periodic stock and creditors-statement for the latest three months

Proof of residence for the sole proprietor such as driving license, ration card, passport, Voter’s ID

Bank statement of the last six months of the main banker

FAQs on Documents Required For Business Loan

✔️What documentation is required for a business loan?

The documents required for a business loan are mentioned below: 

  • Identity proof: Passport, Voter’s ID, driving license, Aadhaar card

  • Residence proof: Passport, Voter’s ID, driving license, Aadhaar Card, ration card 

  • PAN card 

  • For salaried applicants, salary slips of the last 3 months and last 6 months’ bank statements

  • Self-employed applicants have to submit the ITR for the last three years

✔️What are the documents required for business loan in SBI?

Documents required for a business loan in SBI are mentioned below:  

  • Application form along with passport-size photographs of all applicants and co-applicants 

  • PAN card

  • Identity Proof: Voter’s ID, driving license, passport, Aadhaar card 

  • Address Proof: Voter’s ID, driving license, passport, telephone bill, electricity bill 

  • Ownership proof of either residence or office

  • Business Continuity Proof 

  • A letter stating the end use of the business loan funds on a company letterhead

✔️What is the procedure to apply for a business loan?

You can apply for a business loan by following the below-mentioned steps: 

  • Visit the lender’s official website.

  • Fill in the online application form with your personal and employment details.

  • Specify the loan details, such as your loan amount and loan tenor. 

  • Upload the required documents.

The lender will verify your documents and review your loan application; if everything is satisfactory, your loan amount should be disbursed within 24 hours.

✔️Which bank is best for business loans?

HDFC, ICICI, IDFC, Axis Bank, and SBI are the best banks for a business loan. You can also consider availing the business loan at a competitive interest rate and other favorable terms with leading NBFCs like Bajaj Finance.