Documents Required for Business Loan

A Business Loan is a type of loan that doesn't require collateral and can be used for different purposes such as expanding your business, buying equipment, acquiring office space, covering rent or salaries, hiring employees, consolidating debts, managing inventory, boosting stock, investing in infrastructure, purchasing raw materials, or starting a new business. To apply for a business loan, lenders consider factors like your financial history, ability to repay the loan, and credit score. Additionally, below are the basic documents you'll need for a business loan application.

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Get detailed information on the documents necessary to apply for various types of business loans, including Working capital loans, Overdrafts, Invoice discounting, Term loans, Letters of credit, machinery loans, and Loans under Government Schemes, is essential for a smooth application process.

Comparison Table of Business Loan Interest Rates offered by MybankingTips Partners:

Bank/NBFC/Fintech Interest Rate
SBI Bank 9.10% p.a. Apply Now
HDFC Bank 10.00% - 22.50% p.a. Apply Now
Kotak Mahindra Bank 16% p.a. onwards Apply Now
RBL Bank 14%-26% p.a. Apply Now
ICICI Bank Up to 17% p.a. Apply Now
Axis Bank 10.75% p.a. Apply Now
IDBI Bank 8.05% to 13.45% p.a Apply Now
Bank Of Baroda 10% to 15% p.a Apply Now
Ujjivan Small Bank Up to 2.50% Apply Now
Bajaj Finserv 9.75% - 25% p.a. Apply Now
IIFL Finance 12.75% - 44% p.a. Apply Now
FlexiLoans 1% per month onwards Apply Now
ZipLoan 1% - 1.5% per month (Flat) Apply Now
Indifi Finance 1.5% per month onwards Apply Now
Five Star Business Finance Up to 2% Apply Now
Lendingkart Finance 1.25% per month onwards Apply Now
Tata Capital Finance 12% p.a. onwards Apply Now
NeoGrowth Finance 15% p.a. onwards Apply Now
Hero FinCorp Up to 26% p.a. Apply Now
Aye Finance Up to 2.5% Apply Now
Clix Capital Up to 3% Apply Now
Protium Finance Up to 1.5% Apply Now
HDB Finance 8% - 26% p.a. Apply Now
U GRO Capital Up to 9% p.a. Apply Now
Mcapital Business Up to 2% p.a. Apply Now
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Documents Required for Applying a Business Loan

  • Duly filled application form with Passport-sized Photographs
  • Income Proof with the Last 6 months’ bank statement
  • Business Vintage and Address Proofs
  • Last 1 years ITR for existing enterprises
  • Business Incorporation/Establishment Certificate
  • KYC documents of applicants, partners, and co-applicants: Aadhar card, Voter’s ID card, PAN card, Driving license, Passport, Utility Bills (Recent Water or Electricity Bills)
  • Any other document required by the lender
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1. What is the minimum turnover requirement for a Business Loan?

The minimum turnover required for a business loan is solely determined by the discretion of the lender. It also varies depending on the specific requirements of the business and its nature.

2. What are the documents required for a business loan for a doctor?

The basic documents required for a business loan include the applicant’s KYC (Know Your Customer) documents, address proof, income proofs, proof of business vintage, certificate of practice (if applicable), and documentation related to the business location, such as clinic address, if applicable.

3. What is the eligibility criteria to be considered as a micro enterprise?

To qualify as a micro enterprise, two main criteria must be met: Firstly, the investment should be less than Rs. 1 crore, and secondly, the turnover should be less than Rs. 5 crore.

4. Can I get a Business Loan without ITR?

Yes, If you're starting a new business or micro-enterprise, banks won't require income tax returns (ITR). However, if it's an existing business or if you're looking to expand, you'll usually need at least one year of ITR.

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