For Business Loan
A Business loan is a loan without security, giving you access to secure your financing for all business purpose like working capital requirement, purchasing of fixed assets, business expansion, new machinery or equipment, technology up-gradation or any other short term requirement, and can be paid back over an agreed time along with the interest.
The document required for processing of business loans are:
- PAN Card – For Company /Firm/ individual.
- Proof of your identity: Copy of Aadhaar Card/Passport/Voter’s ID card/Pan Card/Driving License.
- Proof of your residence and office address.
- Bank Statement (latest 6 months).
- Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
- Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate).
- Certified true copy of Memorandum & Articles of Association (certified by Director).
Loan Amount & Eligibility
The loan amount will depend on profit and years of business and cash flow. Eligibility for business loan will vary from bank to bank and will depend on various factors. Your ability to repay the loan will be verified by the bank on the basis of your line of business, profitability, financial statements, etc. A self-employed individuals / business owners in the age group of 21 to 65 years can apply for business loan. The business needs to be in continuity for the last 3 years showing positive trends in turnover and profit for the last 2 years.