What is the main criteria for applying business loan?
  • Age Limit: The applicant should be minimum 21 years and maximum 65 years.
  • Income: Business should be profit making at least for the past 2 years.
  • Turnover: ₹150,000 p.a. should be the minimum annual income.
Essential documents needed for applying business loan?
  1. Identity Proof: For a company, firm or individual- a valid Identity proof and PAN Card.
  2. Address Proof: Voter ID card, Ration card, Passport, or Driving License.
  3. Bank Statements: Latest Bank Statements for last 6 month.
  4. Income Documents: This should include the latest ITR along with the computation of income, balance sheet, profit and loss account for the past two years and Project report. This has to be submitted after the requisite CA certification.
  5. Proof of Continuation: TR/Trade license/Establishment/Sales Tax Certificate.
  6. Other Documents: Sole Proprietorship Declaration or Certified Copy of the Partnership Deed, certified true copy of the Memorandum & Articles of Association (certified by the company Director) and the Board resolution.