Business income generates livelihood for entrepreneurs hence it’s nurturing, growth & expansion is of utmost priority. Short term business loan is required at many stages like for setting up new business or expansion in form of working capital or term loans.
Generally, Business loans are unsecured loan and no collateral security is required for availing this loan. As its un-secured loan, the banks and NBFC’s have their own parameters based on which they lend the borrower. All the banks and NBFC’s give high importance to the credit history of the borrower. For this they refer the CIBIL or similar reports to access the credibility of the borrower. Business loan are generally given to non-individual borrowers.
How can a Business Loan benefit -
• Facilitate in expansion and scale-up plans
• Meeting up working capital needs and for asset purchase
• Increasing sales which leads to more profits
• Upgrading processes and advance technology to catch with market trends
• Branding and augmenting market presence
| Sr. No | Proprietorship Firm | Partnership Firm | Private Limited and Limited Company | |
|---|---|---|---|---|
| KYC Documents | ||||
| 1 | PAN Card | PAN Card | PAN Card | |
| 2 | Aadhar Card | Aadhar Card | Aadhar Card | |
| 3 | Current resident address proof | Current resident address proof | Current resident address proof | |
| 4 | Office Address Proof | Office Address Proof | Office Address Proof | |
| 5 | GST Registration Certificate | GST Registration Certificate | GST Registration Certificate | |
| 6 | Partnership Deed | MOA and AOA | ||
| 7 | List of partners and shareholding pattern onletter head | List of Directors and shareholding pattern on letter head | ||
| Income Documents | ||||
| 1 | GST Returns – 1 Year | GST Returns – 1 Year | GST Returns – 1 Year | |
| 2 | Income Tax Returns – 3 years | Income Tax Returns – 3 years | Income Tax Returns – 3 years | |
| 3 | Bank Statement – 1 year | Bank Statement – 1 year | Bank Statement – 1 year | |
| Additional Documents Generally Required | ||||
| 1 | Existing loan – Sanction letter (if any) | Existing loan – Sanction letter (if any) | Existing loan – Sanction letter (if any) | |
| 1 | Ownership Proof – Residential or Commercial property | Ownership Proof – Residential or Commercial property | Ownership Proof – Residential or Commercial property | |
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