To help SMEs grow further, lenders in India now offer many different types of business loans. Apart from meeting the business loan eligibility, a business should also focus on the documentation process to increase the chances of loan approval. If you are looking for a business loan, here is a list of documents you will need-
- PAN card
- Copy of ID and age proof like Aadhar card, voter’s ID card, passport, or driving license
- Copy of address proof like property tax bill of self-owned property, passport, Aadhar card, or driving license
- Bank statement of the last six months
- Latest ITR
- Company PAN card
- ITR of the last three years
- Bank account statement of last one year
- Proof and certificate of business existence
- Address proof of business
- Business profile
- Balance sheets or profit and loss statement audited by a CA
- MOA/partnership deed and AOA for partnerships
Apart from these documents, the lender could also ask for additional documents.
How to Apply for an SME Loan?To start with, you will first be required to fill a business loan application form with basic personal and business details. The above-listed documents required for SME loan should be submitted along with the loan application. If everything is in order, the lender will then begin the approval process. Business loans are generally approved within 7-10 working days.
In case of any queries with regards to documentation, eligibility, or the approval process, you can always get in touch with your lender through phone, email, or can also visit the nearest branch office.
Why Take a Business Loan?Businesses nowadays have many different types of funding options. But as compared to all the other options, taking a loan still proves to be more beneficial. Some of the top benefits of SME loan are as follows-
- You retain business ownership
- Many different types of business loans to choose from
- Fixed rate of interest
- Flexible repayment tenures
- Multiple repayment channels
- Secured and unsecured loans available
- Easy documentation
- Quick approval
As you can see, there are several benefits of choosing a business loan over other funding options. Now that you know the benefits and business loan documents you will need, select a reputed loan provider to apply for a business loan that can help you grow your business.
Click here to know more and apply for a business loan
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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