Documents Required for Business Loan Processing

Whether you need funding to expand operations, purchase equipment, or manage working capital, business loan can provide the necessary financial support. Learn about the key documentation requirements when applying online for business loans.

Documents Checklist for Hassle-Free Business Loan Processing

While applying for a business loan, online ensure you should have the following essential documents:

1. Identity Proof of Applicant(s)

• PAN Card
• Aadhaar Card
• Voter ID Card
• Passport
• Driving License

2. Address Proof of Applicant(s)

• Aadhaar Card
• Voter ID Card
• Passport
• Utility Bills (Electricity, Phone, Gas, etc.)
• Ration Card
• Rent Agreement or Registered Lease Deed

3. Business Proof and Vintage

• Business Registration Certificate
• Partnership Deed (for Partnership Firms)
• Memorandum and Articles of Association (for Private Limited Companies)
• Udyog Aadhaar / MSME Registration Certificate
• Shop and Establishment Act Certificate
• Factory Registration Certificate
• SSI / MSME Registration Certificate
• Import Export Code Certificate
• GST Registration
• Proof of Business Continuity (ITR, Trade License, Bank Statement, etc.)

4. Business Turnover and Cash Flow Documents

• Latest 2 Years Audited Financial Statements (Balance Sheet, Profit and Loss Account, etc.)
• Latest 2 Years Income Tax Returns of the Firm and Directors / Partners
• Latest 6 Months Bank Account Statements of Firm
• Processing of Order Book and Sales
• Provisional Financial Statements for the Current Year

5. KYC Documents of Directors / Partners / Proprietor

• PAN Card
• Aadhaar Card
• Passport Size Photographs

How to Submit Business Loan Documents?

You can submit documents for business loans digitally using the online method.

• Step 1: Visit the Website or App: Visit our official website, FlexiLoans, your preferred online lender, or download mobile app from the Google Play Store.
• Step 2: Fill Out Application: Navigate to the ‘Business Loan Eligibility’ page and fill out your application form with necessary details, such as name, mobile no, business information, and GST details etc.
• Step 3: Upload Documents: Scan and upload key documents such as current account bank statements, KYC documents, and business KYC documents. Ensure each document is clear and legible.
• Step4: Credit Analysis: After assessing your business results, operations, and credit history, we will calculate the loan amount you are eligible for and the applicable interest rate. Our loan officers will be available to assist you in making the right decision.
• Step5: Loan Disbursement: We will share the loan agreement after document verification and loan approval. Once the agreement is signed, the fund will be disbursed to the applicant’s account within 48 hours.

Conclusion

Applying for a business loan in India is simple and requires the right preparation. Prepare the necessary paperwork in advance to streamline your business loan application process. While the documentation may seem extensive, lenders need to assess your creditworthiness.

If you’re seeking a quick and reliable solution, FlexiLoans offers an easy online application, minimal paperwork and competitive interest rates. With FlexiLoans, accessing the funds you need to grow your business is straightforward. Fuel your business growth with easy access to desired business loan financing.

FAQs

1. Can I apply for a business loan with a limited credit history?
   Yes, you can easily apply for business loans even with a limited credit history. FlexiLoans, provides lines of credit loans with minimal documentation and credit history requirements.
2. How does business vintage impact your eligibility for business loans?
   The vintage or operational history of your business plays a significant role in determining your business loan eligibility. Lenders prefer businesses with a stable and proven track record, as it indicates lower risk and better repayment capacity.
3. Can I apply for a business loan online?
   Yes, FlexiLoans, facilitate the online business loan application process. This method is convenient, fast and requires minimal documentation, making it easier to access funds.
4. What is the maximum business loan amount offered by FlexiLoans?
   You can get a loan of up to ₹1 crore with FlexiLoans.
5. Does FlexiLoans provide business loans without collateral?
   Yes, you can get collateral-free business loans online with FlexiLoans. A fintech organisation, FlexiLoans facilitates quick loan solutions for MSMEs with limited credit history and no security to pledge.
6. Can I calculate my loan EMIs online?
   Yes, you can easily calculate loan EMI amounts online. Calculate your loan premium amount easily using the user-friendly Business Loan EMI calculator tool on FlexiLoans for quick and accurate calculations.
7. What is an unsecured business loan?
   An unsecured business loan is a type of loan that does not require any collateral or security. The loan is granted based on your creditworthiness and business performance.

Read More:

Unsecured Business Loan Eligibility Criteria

Documents Required for Different Types of Business Loans

How To Organize And Submit Documents For Business Loan Approval?