If you are applying for a MUDRA loan, you would need 2 years of Income Tax Returns(ITRs) to be submitted as proof. While applying for a business loan, your eligibility and quantum of the loan would depend on your income which is established through filed ITRs. ITRs give you a detailed picture of your total income and the taxes paid during a year.
Other general documents that are required to apply for MUDRA loans:
- Address proof
- Photo identity proof
- Proof of business continuity
- Establishment proof and proof of residence or office
- 2 years’ ITR
Apart from the above-mentioned documentation the terms and conditions of the loan will be governed by the rules of the lending institution and guidelines of RBI. The documentation might differ from lender to lender and you may need to make sure you have all the documents needed by your lender.