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.
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 Identity: Passport, PAN card, Voter's ID card, driving license, MAPIN (Market Participant Identification Number) card, and proof of the business being a sole proprietorship
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 three years, bank account statements of last six months, P&L and balance sheet for last two years audited by a chartered accountant (CA), sales tax returns documents, A copy of periodic stock and creditors-statement for the latest three months
Below are the list of documents required for a business loan:
Identity proof: Passport, Voter’s ID, driving license, Aadhaar card
Residence proof: Passport, Voter’s ID, driving license, Aadhaar Card, ration 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
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.