If you are planning to boost your business or company, you may be looking forward to taking up a business loan. Of course, once you have a business loan, you can be sure that you smoothly sail through. But then, do you know about the eligibility of the loans? Do you have the documents required for business loan?
Well, this post is going to get you a quick idea about the documents that you need to have to apply for a business loan. Actually, you should understand that when you apply for a business loan, you need to present a specific set of documents to support your overall application. A few of the necessary common documents are:
- Application Form: you have to fill out the loan application form along with the essential details and offer a single passport-sized photograph
- Proof of the Identity of the applicant: Passport, PAN card, even Voter’s ID card, driving license, and even MAPIN (Market Participant Identification Number) cardshould be provided.
- Address Proof: yes, you should have Aadhaar Card, voter’s ID, telephone bill, ration card, lease agreement, or even electricity bill. If you don’t have them, you may not get the loan.
- Proof of Age: yes, you must own a passport, PAN card, and even Voter’s ID
- Financial Documents: IT simply returns for the last two years, bank account statements of your last six months, and even P&L and balance sheet for the recent two years audited by a professional chartered accountant (CA)
A quick idea about other documents required
- Duly filled application form coupled with 2 Passport-sized photographs
- KYC Documents of the candidate, encompassing PAN card, Aadhar Card, Passport, Driving License, Voter ID card, and even Utility Bills
- Last years’ bank statement coupled with ITR
- Original copy of Business Incorporation
- Any other document needed by the financial institution or bank
Once you meet the eligibility of the loan and have the proper documents with you, you can easily choose from diverse kinds of business loans to satisfy specific business requirements. Diverse types of schemes are particularly designed for MSEs for beginning, expand, or even promote the overall facility. You can dig through varied types of policies and even hunt out what you require the most. You can even read about the loans and even talk to professionals. You can speak with the professionals and they can simply listen to your needs, expectations, and overall prospects and give you the loans or even funding that is perfect for your business as per your current situation. These experts have all-embracing knowledge and understanding about the diverse loans as well as funding plans and how they do act.
The point is simple, when you can get the loans for your business, you can be sure that you do not get stuck. You can, for example, get Shop Loan to ensure that you smoothly expand your shop and enhance your business. The only thing is you should have the proper documents to apply for the loan.