Business loans are an integral part of today’s economy. As important as they are, the associated paperwork can seem challenging.
Having your paperwork sorted is crucial if you wish to have a hassle-free experience with any lender. This will help them ensure you have the proper resources to pay back the debt.
So, let’s see what business loan documents you need when you are going to ask for a business loan.
List of Business Loan Documents
The list below includes all the necessary paperwork required for a business loan:
| Mandatory Documents | Filled out application form, PAN card |
| Proof of Identity | Voter ID Card/ Driving Licence/ Photo ID issued by GOI/Passport/ Aadhaar Card or any other government-issued ID proof. |
| Proof of Address | Aadhaar Card/ Utility Bill/ Registry Copy/ Voter ID Card/ Property Tax Receipt/ Driving Licence/ Property Tax Receipt/ Lease or Rent Agreement |
| Business Continuity Proof | Certificate of incorporation VAT/ Service Tax Registration/ Excise/ Sales Tax/, Trade License/ Registration Certificate issued by RBI or SEBI/ Certificate of Practice/ Copy of partnership deed/ |
| Signature Proof | Banker’s Verification/ Passport/ PAN Card |
| Proof of Income | As income proof, you should have GST reports of the most recent financial year. Also, keep audited financials, and bank statements of the last six months handy. |
Application Form and PAN Card
Indians necessarily need to fill out the detailed business loan application form and submit their PAN card. This application is very comprehensive in nature and gives lenders a clear view of your financial background and debt requirements. Attaching a PAN card lets them see your tax and financial history.
Proof of Identity
Lenders need to ensure you are sharing all the correct information. Your ID proof should have your updated photograph and information. The acceptable ways to prove who you are are as follows:
- Voter ID Card
- Photo ID issued by the Government of India
- Passport
- Driving License
- Aadhaar Card
Proof of Address
Address proof helps lenders know the proper and true location of your home and business. This way they can ensure the business exists and everything is done legally. The acceptable address proofs are:
- Aadhaar Card
- Voter ID Card
- Property Tax Receipt
- Driving License
- Utility Bill (electricity, water, or gas)
- Registry Copy
- Lease or Rent Agreement
Business Continuity Proof
People often shut their businesses and seek loans in their name. To avoid anything like this, ensure you have something to show the lender that your business is up and running. To show that, you can use documents such as:
- Certificate of Incorporation
- VAT/Excise/Sales Tax/Service Tax Registration
- Trade License
- Partnership Deed
- Registration Certificate issued by RBI or SEBI
- Certificate of Practice
Signature Proof
Your signature on all the loan documents should match and additionally, it should match the sign you have put on the banker’s verification, passport, or your PAN Card.
Proof of Income
The idea behind giving the business loan is to have it returned along with the interest. For this, lenders need to see if you can make timely payments of both principal amount and interest. Your proof of income helps lenders break down this information. Bank statements and a business loan EMI calculator are required to determine your financial health and loan repayment ability.
Some examples of proof of income are:
- Latest Income Tax Returns (ITR)
- GST Returns
- Latest Audited Financials
- Last 6 Months Bank Statement
Conclusion
You will get a business loan faster if all your paperwork is aptly done. Be thorough with it, and keep all the information updated. Using a business loan EMI calculator will help you plan your payments, and understand the working of the loan. It will also demonstrate your preparedness and dedication to good financial management.
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