Getting a business loan in India requires a lot of meticulous planning on a small business owner’s part. One aspect of this planning is getting the KYC documents in order. Here we have compiled a list of documents that you generally need when applying for a business loan.
A Checklist of Documents Required to Apply for Business Loans
- For Identity Proof: Driving License / PAN Card / Passport / Voters ID Card
- For Address Proof: Utility Bills (telephone, electricity, broadband) / Passport / Trade License / Rental Agreement / GST Certificate
- For Financial Checks:Business related bank statements(generally, of preceding 2 years)
- For Tax Compliance: Latest ITR (you may also be asked for the computation of Balance Sheet, income & Profit & Loss account for the last 2 years)
- A Proof of Continuation
- Other mandatory documents include, Sole Proprietorship Declaration, Certified Copy of Memorandum & Articles of Association
- Audited financials for the last 3 years
Furthermore, the Business Loan Application Form is a mandatory document which is to be filled when applying for a loan with a bank.
However, if you apply for a loan with a non-banking financial company such as Lendingkart Finance, you can get a business loan approval without having to submit copies upon copies of your KYC documents. Simply register on the Lendingkart website or use the Lendingkart app on your smartphone to submit your business loan application.
The process offered by Lendingkart Finance is completely online, where you are required to submit minimal documentation.For example, when applying for a Lendingkart business loan, simply upload the following digital copies –
- Proof of Registration
- Any one of photo KYC documents
- ITR Statement
- Bank and GST statements
A Lendingkart business loan allows you to maintain the cash flow, upgrade business facilities and equipment and invest in business expansion. Lendingkart offers customised interest rates and flexible EMI options to make it easy for you to grow your MSME.
Visit us at www.lendingkart.com to know more.