Business loan requirements

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Hussain 7 Rep. elliemartin1 edited question

What is required from your side to apply for a business loan?

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kevin Luther 21 Rep. elliemartin1 edited answer

Business Loan Documents Required

It is possible to manage the cash flow, upgrade business equipment and grow the business by the option of business loans. Each bank has specific requirements, criteria and eligibility factors. Here is the list of few banks document requirements and other details mentioned:
Checklist of Documents Required for Business Loan

Identity proof- Driving License/PAN Card/ Passport / Voters ID card
Address Proof (Ration card Tel/electricity Bill/ Passport/ Trade license / Lease agreement/ Sales Tax certificate)
Bank Statement
Latest ITR along with computation of Balance Sheet, income & Profit & Loss a/c for the last 2 yrs.
Proof of continuation
Other Mandatory Documents such as Sole Proprietorship Declaration, Certified true copy of Memorandum & Articles of Association
Last 3 years audited financials

List of Common Documents Required for Business Loan

Application Form: Complete loan application form with one passport size photograph
Valid Proof of Applicant’s Identity: Passport, Photo PAN card, Voter’s identity card , Driving license and MAPIN card
Proof of Residence: Ration card Tel/ Lease agreement/ Electricity Bill/ Passport/Trade license /Sales Tax certificate
Proof of Age: Passport, Photo PAN card, Voter’s identity card
Financial Documents: Copies of IT returns for the last two years along with the latest Bank statements for 6 months and P & L and balance sheet for last two years audited by a C.A.
Self Employed (Private Ltd. Co. and Partnership Firms): P & L Copies of IT returns for the last two years and P & L and balance sheet for last two years audited by a chartered accountant.
Self Employed Individuals – Professionals: Copies of IT returns for the last two years and Bank statements for last 6 months and – Professionals: P & L and balance sheet for last two years audited by a chartered accountant
Self Employed Individuals – Non Professionals: P & L and balance sheet for last two years audited by a chartered accountant and Copies of IT returns for the last two years and Bank statements
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