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Documents Required for Business Loans

With a business loan, it becomes easier to expand the business, manage the cash flows, and upgrade business equipments. Every bank and financial institutions have their criteria, specific requirements, and eligibility factors for offering business loans. However, following is a list of common banks document required while opting for a business loan:

Common list of documents required for all types of business loan:

  1. Identity Proof: PAN Card/Driving License/Passport/Voters ID Card/Aadhaar Card
  2. Address Proof: Telephone Bill / Electricity Bill/Ration Card/Passport/Lease agreement/Trade license/Sales Tax certificate
  3. Income Proof: Bank Statements of the Last 2 Years
  4. Financial Documents: ITR of Last 2 Years along with computation of Balance Sheet, Income & Profit & Loss a/c for the last 2 yrs
  5. Proof of Business Continuation
  6. Business Ownership[ Proof: The other mandatory documents required will be Sole Proprietorship Declaration, Certified true copy of Memorandum, and Articles of Association
  7. Audited financials of last 3 year

Following is a list of common documents required by all business loan lenders:

Documents required for Self-Employed (Private Ltd. Co. & Partnership Firms):

Documents required for Self-Employed Individuals- Professionals:

Documents required for Self-Employed Individuals- Non-Professionals:

Do bear in mind that it's mandatory to fill the Business Loan Application Form irrespective of which bank the individual is seeking to apply for a business loan. Without the necessary documentation, the loan request will not be processed. Thus, before approaching the bank or a lender keep the above paper works ready.

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