Nowadays it is possible to easily manage the cash flows, upgrade plant and equipment and grow the business through business loans. Each bank has specific requirements, criteria and eligibility factors for grant of loans. Here is the list of few banks document requirements and other details mentioned:
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)
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
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.
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
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
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:
Proof of identity of the sole proprietorship
Proof of individual identity
Three years income tax returns
Three years sales tax/GST 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
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