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Documents Required for Business Loans

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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.

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/Telephone Bill/ 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.
    1. 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.
    2. 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
    3. 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

Documents Required for Self Employed (Private Ltd. Co. and Partnership Firms)

  • Proof of Identity of Private Limited Company: Sales tax / VAT /Service tax / Excise registration, / IT return of the concern, Water / Electricity / Registration under Shops and Establishment Act, PAN ID /Municipal tax bill in the name of the concern, Memorandum and Articles of Association
  • Proof of Individual Identity: Proof to be submitted for the authorized signatories and about two directors (which includes the managing director) (any one of the following): PAN card, Voter’s identity card, Driving license and Passport

Documents Required for Self Employed Individuals – Professionals

  • Proof of Identity of Sole Proprietorship: Proof of identity of the sole proprietorship
  • PAN ID / IT return of the concern or Municipal tax, Water, Electricity bill in the name of the concern
  • Individual identity proof to be submitted for the Sole Proprietor: Passport, Driving license, Voter’s identity card, Photo PAN card.
  • Proof of residence address for the Sole Proprietor: Driving license, Ration card, Passport, Voter’s identity card

Documents Required for Self Employed Individuals - Non Professionals

  • Proof of identity of the sole proprietorship
  • Proof of individual identity
  • Three years income tax returns
  • Three years sales tax returns
  • Copy of periodic stock, age wise book-debt and creditors-statement for latest three months
  • Copy of last 6 months bank statement of main banker / copy of bank statement for the term loan

Business Loan Application Form is a mandatory document to be filled, it is clear that irrespective of which bank you are look to apply for a business loan, without necessary documentation the request will not be process. Keep these paper works done before approaching the bank.

ReviewsView All

Narayan Rao

5 / 5

Fast processing ever!! I opted Bajaj Finance from Finance Buddha portal for my Business loan. And I got a quick response from them. Ever there were time to time follow up by the Finance Buddha team of executives. There was a good support from the bank staff as well.
Varun Kashyap

5 / 5

I went with Bajaj finance for my Business Loan. They provided me the loan at an interest rate of 16% p.a. and the processing fee was 2%. The processing was on time and I got the business loan approved just in 18 working days. I am really very happy with their service.
Amit Sahu

5 / 5

Good interest rates and a very good follow up by the bank executives. Will recommend it to others also.
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