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Business Loan processing has evolved over the years. With the Government introducing various measures to strengthen the MSME & Small Scale industries across the country, Business Loans have also adopted modern processing systems to make it easy for applicants to get their loans on time. A number of banks and NBFCs offer Business Loans to eligible entrepreneurs and business owners. Industries, traders and corporates depend on Business Loans to meet their business finance needs. The lenders have made it simple and hassle-free with minimal documentation to avail these business loans.
Businesses need the right kind of financing at the right time to progress. Business financing can be availed in various ways like, working capital needs, trade finance, finance to procure raw materials, finance to acquire assets, credit for business expansion or upgradation, non-fund based credits with banks to avail revolving credit and so on. Business Loans facilitate the growth of entrepreneurship in the country.
13% - 24%
Type of Interest Rate
Flat Rate and Diminishing Rate
0 - 2.5% of the loan amount
Rs. 50,000 to Rs. 100 crores
6 months to 7 years
About Business Loan Documents
Here is a list of the most common documents required to apply for a Business Loan –
Let us have a look at a few other documents specific to the applicant type
Self-Employed Individuals (Private Ltd. Co. & Partnership Firms)
Now, let us have a brief look into the Business Loan Documents requirements of a few popular Banks & NBFCs
A copy of Income Tax Return filed for last 2 years
Bank account statement of the primary banker of the business, for the last 6 months
Balance Sheet and Profit & Loss Statement for the previous 2 years, audited by a CA
Kotak Mahindra Bank assures Business Loans with minimal documentation. They require the following documents
Duly filled Application Form: All fields should be duly filled in and the customer will be given an acknowledgement
Self-attested copy of KYC Documents
Bank Statements: Should not be more than 45 days old. Latest Bank Statements for last 6 months (in case of First Time Borrower) and 12 months (in case of Takeover proposals). In case of multiple banking, statements covering minimum 75% of banking turnover is to be provided.
Duly filled Loan Application Form
PAN Card – For Company/Firm/Individual
A copy of any of the following documents as identity proof:
A copy of any of the following documents as address proof:
Bank statement of the last 6 months
Latest ITR along with computation of income, Balance Sheet and Profit & Loss account for the previous 2 years, duly audited & certified by a CA
Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)
Other Mandatory Documents include Sole Proprietorship Declaration or Certified Copy of Partnership Deed, Certified True Copy of Memorandum & Articles of Association (certified by Director) & Board resolution in Original.
IIFL too delivers Business Loans with minimal documentation:
Photo Identity Proof: Passport size photographs along with a copy of Voter ID /Passport/Driving License/ Aadhaar card
Financials: Certified bank statement for the last 6 months
A basic list of documents required to submit your Business Loan applications with Fullerton India is given below. Additional documents may be required by the lender at the time of loan processing.
1. What is the minimum and maximum I can get under a Business Loan?
The business loan amount varies from bank to bank. However, generally speaking, business loan amount ranges between Rs. 50,000 to Rs. 100 crores. The amount can increase based on the business needs.
2. Do I need to provide collateral for my business loan?
Collateral is not mandated for many types of business loans. There are unsecured loans that are given based on the credibility of the person or the company. However, pledging some kind of collateral increases your chances of getting the loan with lower interest rate.
3. How old should my business be to get a business loan?
The business should at least be 3 years old to get a business loan.
4. What are the common identity proof documents acceptable for a business entity?
Business entities can submit their 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 for identity proof.
5. What are the Proof of Identity for Sole Proprietorship documents acceptable?
Registration documents in case of sole proprietors and other proofs of business identity like PAN ID / IT return of the concern or Municipal tax, Water, Electricity bill in the name of the concern are acceptable.
Business Loan Eligibility
Business Loan Fees And Interest Rates
Business Loan For Self Employed
Letter Of Credit
Line Of Credit Details
MSME Loan Details
Psb Loans In 59 Minutes
Secured Business Loan
Small Business Loan
Small Medium Enterprise
Small Scale Industries
Supply Chain Finance
Unsecured Business Loans
Working Capital Loans
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