Business Loan Documents

Here is a list of the most common documents required to apply for a Business Loan –

• Application Form: Duly filled loan application form with a recent passport size photograph
• Valid Proof of Identity: Passport, Photo PAN card, Voter’s identity card, Driving license
• Address Proof: Ration card/Telephone Bill/ Lease agreement/ Electricity Bill/ Passport/Trade license /Sales Tax certificate
• 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 the last two years audited by a C.A.
• Self-Employed Individuals (Private Ltd. Co. & Partnership Firms): P & L Copies of IT returns for the last two years and P & L and balance sheet for the last two years audited by a Chartered Accountant.
• Self-Employed Professionals: Copies of IT returns for the last two years and Bank statements for last 6 months and P & L and balance sheet for last two years audited by a Chartered Accountant
• Self-Employed Non-Professionals: 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

Let us have a look at a few other documents specific to the applicant type

Self-Employed Individuals (Private Ltd. Co. & Partnership Firms)

• Proof of Identity for 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 2 Directors including the Managing Director: PAN card / Voter’s identity card / Driving license / Passport

Self-Employed Professionals

• Proof of Identity for Sole Proprietorship: Registration document 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
• Identity proof of the Sole Proprietor to be submitted: Passport, Driving license, Voter’s identity card, Photo PAN card
• Proof of residential address for the Sole Proprietor: Driving license, Ration card, Passport, Voter’s identity card

Self-Employed Non-Professionals

• Proof of identity of the sole proprietorship: Sole proprietor’s registration document
• Proof of individual identity
• Three years’ income tax returns
• Three years’ 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 primary banker 
• IT Returns of last 2 years 

Now, let us have a brief look into the Business Loan Documents requirements of a few popular Banks & NBFCs

Bajaj Finserv Business Loan Documents

• Identity proof – The applicant has to submit the relevant KYC documents for identity proof. They can submit any one of the following; Aadhaar card, voter ID, PAN card, passport, driving license or any other valid document issued by the government.
• Address proof – Along with the KYC documents you have to submit your address proof too. You can submit documents like passport, electricity bill, ration card, telephone bill, lease agreement, trade license or certificate of trade license. You can also submit any other document issued by the government as address proof to complete the loan application.
• Financial documents – This set of documents includes the financial information of the business. They include –

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

• Business ownership proof – Proof of business documents differ between the type of applicant.
• For Self-Employed Professionals – They need to submit the Registration document in case of sole proprietors. Other requirements include documents issued in the concern’s name like PAN card, payment receipt for Municipal Tax, Electricity Bill, IT Returns, etc.
• For Self-Employed Non-Professional – They also have to submit the Sole proprietor’s registration document. They also need to submit individual identity proof of the owner, IT Returns for last 2 years, bank statements of at least 6 months of the owner, statement of creditor/book debt/periodic stock, GST return, etc.
• For Partnerships and Private Limited Companies – Partnership agreement is very important in case of Partnership Firms. Private Limited Companies have to submit the Certificate of Commencement/Article and Memorandum of Association. Other supporting documents include Returns of Income Tax, Goods and Services Tax, Registration Certificate under the Shops and Establishment Act, etc. Individual identity proofs of Partners and Directors also needs to be submitted.

Kotak Mahindra Bank Business Loans Documents Requirement

Kotak Mahindra Bank assures Business Loans with minimal documentation. They require the following documents

• Identity proof: PAN Card/Driving License/ Passport/ Voter's ID/ Aadhaar Card
• Address Proof: Passport/Driving License/Voter's ID/Aadhaar Card/Utility Bill/Bank Statement/Bank Account Passbook (Updated and no more than 3 months old)
• Ownership proof: Agreement Copy / Electricity Bill / Maintenance Bill with share certificate / Municipal tax bill/Share certificate
• Business continuity proof: Shop and Establishment certificate/Tax registrations-VAT/Service tax/GST registrations
• Firm Constitution: MOA/PartnerShip Deed/GST Registration Certificate
• Financial: Latest two years financials along with the latest Tax Audit Report.
• Banking: Last six months’ bank statement (Business Accounts)

ICICI Bank Business Loans Document Requirement

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

• Entity proof – Partnership deed/Certificate of Incorporation/Shops and Establishment certificate
• Copy of PAN Card of Entity, Proprietors/Partners/Directors, Security providers and guarantors
• Address Proof of Entity, Proprietors/Partners/Directors, Security providers and guarantors

Financials

• Last 3 years Audited/Provisional Financials including Balance Sheet, Profit and Loss Account along with schedules and Notes to Accounts, Tax audit reports, Statutory Audit report. In case of Provisional financials, VAT returns are also required.
• Current year performance and projected turnover on letterhead of the entity
• Last 1-year Income Tax returns of the borrowing entity (along with Computation of Income and copy of acknowledgement), if filed online, acknowledgement number is required

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.

HDFC Bank Business Loans Document Requirement

Duly filled Loan Application Form

PAN Card – For Company/Firm/Individual

A copy of any of the following documents as identity proof:

• Aadhaar Card
• Passport
• Voter's ID Card
• PAN Card
• Driving License

A copy of any of the following documents as address proof:

• Aadhaar Card
• Passport
• Voter's ID Card
• Driving License

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 Business Loans Documents Requirement

IIFL too delivers Business Loans with minimal documentation: 

• Application form with a recent photograph of all co-applicants
• KYC Documents as per RBI guidelines (Address & ID proof)
• VAT returns / GST challans / last year ITR duly certified by a CA
• Latest 3 months Bank Statement of business
• Additional document(s) may be required for credit assessment and processing of loan request

Tata Capital Business Loans Documents Requirement

Duly filled Loan Application Form

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

Business Proof: 

• Trade License/Establishment/Sales Tax Certificate
• Ownership documents
• Sole Proprietorship Declaration or certified copy of Partnership Deed
• Income Tax Returns along with computation for the last two years
• P/L Profit/Loss statement and balance sheet for the last two years

Fullerton India Business Loans Documents Requirement

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.

• Copy of a valid identity proof, and PAN Card for the applying company, firm, or individual.
• Address proof: Voter ID Card, Ration card, Passport, or Driving License.
• Bank Statement for the last six months 
• Financial documents including the latest ITR along with the computation of Income, Balance Sheet, Profit and Loss Account for the past two years with CA certification.
• Proof of continuation: ITR/Trade license/Establishment/Sales Tax Certificate
• Other business loan documents include Sole Proprietorship Declaration or Certified Copy of the Partnership Deed, certified true copy of the Memorandum & Articles of Association (certified by the company Director) and the Board resolution.

Business Loan Documents Requirement FAQs: