Are you looking to apply for a Business Loan for expansion of your business? Whatever the reason is it cashflow management, upgrade your business equipment or grow your business, you can procure a loan to help your business flourish.
At HDFC Bank, we strive to offer you products to meet your every requirement. We offer secured and unsecured Business Growth Loans through a dropline overdraft facility. With loans curated to match your financial requirements, you can choose from flexible tenures, attractive interest rates and an amalgamation of aspects as per your business need.
Make the most of the balance transfer facility, an affordable facility that will aid to lower the payout but can maximise from higher loan amounts. However, to get started, you would need specific documents for Business Loan. This article has put together a generic and extensive documentation list when you opt for a Business Loan.
Documentation List
Depending on the lender’s requirements, the borrower will need to furnish documents required for Business Loan as below:
Identity Proof:
Pan Card
Aadhar Card
Voters Id Card
Driving License
Address Proof:
Passport
Utility Bill – Telephone or Electricity bill not more than 3 months old
Ration Card
Trade License
Lease Agreement
Sales Tax Certificate
Income Proof: Bank statement or passbook of the last 2 years.
Financial Proof: Income Tax Return of the last 2 years together with the computation of Balance Sheet, Income and Profit & Loss A/c. Together with the previous 3 years audited financials. Last 6 months bank statement. Last 2 years audited Balance Sheet by the CA, GST Challans, and Tax Audit reports.
Proof of continuation of business
Business Ownership Proof: depending on the type of business you own that is a sole proprietorship, partnership, registered company etc. you will require to submit the requisite documents.
Standard Documentation Required for every Business Loan:
This Business Loan documents list is required by every business loan lender upon application of a loan.
- Application Form: duly filled and signed application form with all the requisite and correct details.
Passport Size Photo: to be attached to the application form
Valid Identity Proof of the Applicant: the identity proof can be either Pan Card, Passport, Voters Id Card or Driving License.
Valid Proof of Residence: Utility bill could be electricity or telephone bill, lease agreement, passport copy, Aadhar card, trade license, sales tax certificate.
Proof of Age: Pan Card, Passport Copy or Voters Identity Card.
Financial Documents: Income Tax Return copies of the last 2 years filing. Current Bank statements for the previous 6 months. Balance Sheet and Profit and Loss Account statement of the previous 2 years audited and verified by a Chartered Accountant.
These are generic documents that are required to be submitted in original and copies to the bank when applying for a Business Loan. However, if you opt for a Business Loan under a specified category of a self-employed professional or non-professional, the list of documents for Business Loan may vary.
Self Employed – Private Limited Co. & Partnership Firms Documentation List
Identity Proof of a Private Limited Company:
Copy of Sales Tax
Copy of VAT filing
Copy of Service Tax
Copy of Excise Registration, applicable in some instances
Income Tax Return of the company
Utility Bills of water, electricity or telephone
Registration Certificate under Shops and Establishment Act
Pan ID
Municipal Tax Bill in original and copy in the name of the company
Memorandum of Association ( MOA)
Articles of Association ( AOA)
Certified Copy of Partnership Deed
List of Partners/ Directors
Identity Proof of an Individual:
The proof to submit for the authorised signatories and 2 Directors including the Managing Director. This identity proof could be any one of the following:
Pan card
Voters Id Card
Passport
Driving License
Self Employed Individuals - Professionals Sole Proprietorship Documentation List
Identity Proof of Sole Proprietorship: proof of identity of the sole proprietorship firm. This could comprise of Pan Card, Income Tax return, Bank Statement, Utility Bill.
Sole Proprietor Identity Proof: Passport copy, Driving License, Voters Id Card, Pan Card copy
Sole Proprietor Address Proof: Utility Bill, Passport Copy, Voters Id Card, Driving License.
Self Employed Individuals – Non Professionals List of Documents for Business Loan
Individual Identity Proof
Address Proof
Last 3 years Income Tax Returns
Last 3 years Sales Tax Returns
Last 6 months Bank statement authorised by the banker or branch manager
Detailed Profit and Loss and Balance Sheet statement for the last 3 years.
Before you commence to apply for a Business Loan, do make sure to read the documents for Business Growth Loan thoroughly and the checklist of the documents under the specific category you fall under. With an easy to read guide of what are the documents required for Business Loans, what are you waiting for? Apply for a Business Growth Loan with HDFC Bank today. To know more, click here.
Read more on how to get a Business Loan here.
*Terms and conditions apply. Business Loan at the sole discretion of HDFC Bank limited. Loan disbursal is subject to documentation and verification as per Banks requirement.