Documents Required For Business Loan

Documents Required For
Business Loan

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An entity can use a loan to build or develop a business unit. You can utilize the cash to cover normal business expenses such as purchasing plant machinery, recruiting employees, renting office space, paying off your mortgage, and so on. Fortunately, getting a business loan is simple. If you meet the eligibility standards and have the proper business loan papers, you can receive the funds within a few days. When getting a company loan, you must produce a specific set of supporting documents. Important documentation needed for a business loan:

Application form.
Passport-sized
photograph
Identity documentation for the applicant
Proof of Address for Verification
Verification of Age
Financial Records

List of documents for identity verification :

Passport
MPIN (Market Participant Identification Number) card.
Voter ID card.
Required documents: Driver’s license and PAN card.

List of documents that can be used to verify addresses :

Voter ID and ration card.
Phone bill Lease agreement.
Power bill

Documents that can be used for age verification :

PAN card,
Voter ID, and
Passport.

Financial documents required for securing business financing :

Bank account statements for the previous six months.
Income tax returns over the prior two years.
A chartered accountant’s audited P&L.
Balance sheet for the past two years.

The self-employed sector requires separate papers for professional and non-professional groups.

Documents required for self-employed professionals :

The applicant’s identity evidence can be any of the documents specified above.
Income Tax Returns for at least Three Years.
A driver’s license, ration card, passport, or voter ID that acts as proof of residency for the sole proprietor.

Documents Required for Self-employed Non-Professionals :

Identification documents for the proprietorship.
Documents covering the last three years’ tax returns, including sales taxes.
A copy of the most recent three months’ worth of monthly stock and debtor statements
The value of the primary banker’s bank statements for the previous six months

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