Documents Required for Small Business Loans
Business loans can help you achieve your dreams of taking the business to new heights. The loan is available for every type of business in the industry. It is a preferred form of borrowing for business owners because of the quick process and approval. To apply for small business loans, you need to submit some important documents. Depending on the type of applicant, the documentation will vary. Here is a list of documents you need for a loan for small business.
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.
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.
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.
Proof of identity of sole proprietorship entity
IT returns, PAN card, electricity bill, or water bill in the name of the company
Identity proof of the proprietor: A passport, voters ID card, PAN card or driving license
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.
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