Documents Required for Small Business Loans

Documents Required for Small Business Loans

1. KYC documents

The most basic and common document for every type of loan is KYC documents. This includes your identity proof, Articles of Association, partnership deed, establishment certificate, and incorporation certificate. You need to provide your personal PAN card and the PAN card of your business entity. Additionally, you also need to provide the address proof of the partners and of the place from where the business operates. All the documents need to be self-attested.

2. Financial documents

To apply for a Bajaj Finserv Business loan, you need to provide audited financials including profit and loss, balance sheet, and tax audit report for the past three years. You will also have to provide the present year’s performance and projected turnover.

3. Bank statements

You need to provide a bank statement for the last six months in case you are a first-time borrower and for the past 12 months if you have availed a business loan earlier. If you have more than one bank account, your statements need to show at least 75% of the banking turnover.

Know about how to apply for aadhar card business loan

Documents required for Partnership firms and Private Limited companies

There is a specific documentation requirement for partnership firms and private limited companies. These are listed as follows:

1. Proof of identity

You will have to provide a proof of identity of the private limited company. This includes the IT return, registration under the Shops and Establishment Act, water or electricity bills, municipal taxes in the name of the concern, Articles of Association and Memorandum of Association, and PAN.

2. Proof of individual identity

PAN card, voter’s identity card, driving license, or passport of two Directors (which includes the Managing Director) and authorized signatory need to be submitted.

Also read what are the documents required to avail the new MSME Loan scheme provided under Atmanirbhar Bharat Yojana

Documents required for proprietors and self-employed individuals

There is a separate documentation requirement for applicants, who are self-employed. They need to provide the below-mentioned documents.

1. Proof of identity of sole proprietorship entity

2. IT returns, PAN card, electricity bill, or water bill in the name of the company

3. Identity proof of the proprietor: A passport, voters ID card, PAN card or driving license

4. Address proof of the proprietor: A driving license, voter’s ID card, or passport

Once these documents are submitted with the loan application, your Bajaj Finance Business Loan will be processed and you will receive the funds in your account.