Documents required for business loan in India

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Business Loan in India


If you are going to set up your business or you need to carry on your business functionality, you may need funds. In this scenario, the first and foremost question that arises in your mind is that who is going to assist you in this regard? A business loan can be the right answer for all such questions.


Acquiring business loan in India isn’t very simple, especially in case if your business has limited vintage or history. The business loan you obtain entirely depends on the size of your business as well as its nature. The business owners, who are in need of loan on an urgent basis, tend to lose patience because the execution part of the process takes time. Moreover, it becomes a time-consuming procedure for the reason that it needs lots of documentation work. What documents are required to acquire a business loan in India?


Checklist of documents required for a business loan in India


Here is the list of documents required to attain business loan in India.


  1. ID proof (It might be PAN card, passport, Voter ID, Driving license).
  2. Address proof.
  3. PAN card copy of company or person.
  4. Last six months bank statement.
  5. Debt obligations.
  6. Cash flow statements.
  7. Past two years P&L statement and Last year’s ITR statement and audited balance sheet.
  8. Continuation or vintage proof (It might include ITR, Establishment registration, trade license, or sales ac certificate).
  9. A few other documents may also be required which can comprise MoA, ownership declaration, power of attorney, resolutions, or other documents as per lender requirements.


What is the eligibility criterion to apply for a business loan?

        

        Whoever is running any legitimate business with handsome earnings can apply for the business loan in India. There are many banks in India which proffers you this facility. All of them have different terms and criteria for the authenticity validation of business.  After that, they have their sole authority who decides the business loan amount and everything else involved in the process. The business loan proffered to you depends on the profit of business as well as the number of years you have been in this business.


So, go ahead to apply for the business loan as soon as possible. The reason is that it takes you to a step closer when you are on the way to meet your business goals.


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