Expand your business through business loans. But before applying for a business loan, you should know the documents list that will help you to get an overdraft loan, Term loan, and Working capital loan. Check all the business loan eligibility documents below for fast loan approval.
Within 5 days, lenders will credit the business loan to the bank account. But you should complete the list of documents below.
List of Business Loan Eligibility Documents
Before tell you the list of business loan documents, you should know about the difference between self-employed professionals & self-employed non-professionals.
Self-employed Professional: Educationally qualified persons who are in their profession like CA (Chartered Accountant), Doctors, engineers, lawyers, and MBAs called self-employed professionals. With their own profession, they are setting own businesses that we called self-employed. So, this kind of profession is fall under Self-employed Professional.
Self-employed Non-professional: The other professionals who are doing their own business like grocery shops, contractors, commission agents, cyber café, electronic shops, Xerox shops & traders are self-employed non-professional people.
Self-employed Professional Documents
| Individual Documents | Aadhaar Card , Pan Card |
| Income Proof | Last 3 year’s Income Tax File/ 3 years Trade License |
| Residence Proof | Electricity bill/ Water bill/ Gas bill/ Property Tax |
| Other Income Proof | 1 year Bank Statement (Current account / Saving account) |
| Other Documents | GST File/ P-Tax |
| Business Address Proof | Electricity bill / Rent Agreement |
Also Read: How to get loan quickly without trouble
Self-employed Non-professional
| Proprietor Documents | Trade License / Income Tax File |
| KYC Documents | Aadhaar Card , Pan Card |
| Residence Proof | Electricity bill/ Water bill/ Gas bill/ Property Tax |
| Other Income Proof | 1 year Bank Statement (Current account / Saving account) |
| Other Documents | GST File/ P-Tax |
| Business Address Proof | Electricity bill / Rent Agreement |
FAQs
Can I apply for a business loan with 6 months statement?
Some lenders give you a business loan with 6 months statement such as IIFL, Tata Capital, Hero Finance etc. You can check out these lenders.
I have 2 years’ Trade License. Can I apply for a loan?
Defiantly you are eligible to get the business loan with 2 years Trade License. Lenders like LendingKart, IIFL, and Tata Capital give you the loan with a trade license only.
What is the minimum turnover required for an HDFC business loan?
If you are going to apply for an HDFC business loan, a minimum 1 crore turnover is required on ITR with 6 months 1 lakh maintain balance on the statement.
What is the bank statement required for an IIFL business loan?
The minimum Average Bank Balance (ABB) should be Rs. 8,000 for an IIFL business loan. Only 6 months statement is required.