Business Loan Documents

Credit score plays a crucial role in determining the eligibility criteria. You need to have a CIBIL score of over 700 to meet the business loan eligibility criteria.

A CIBIL score of below 700 points can impact your business loan eligibility or the lender may ask for the additional personal guarantee to successfully process the business loan application.

For successfully applying for a business loan, you need a Minimum Annual Income (ITR) of Rs 2 lakhs per year.

And in the income documents, you need to furnish the latest ITR along with the audited income statement, balance sheet, profit and loss statement for the past two years.

Yes, both LLC, limited liability company and LLP, limited liability partnership is eligible to apply for a small business loan.

Entities such as private limited companies, limited liability partnership firms, partnership and closely held limited companies are eligible to apply for a business loan. Apart from that self-employed professionals and self-employed non-professionals can too apply for the business loan.

You need to provide the following documents to be eligible for a business loan:

1. Identity Proof ( for both company and individual)
2. Address Proof (Voter ID, Passport or Driving License)
3. Last six months bank statement
4. Last two years of income documents
5. Proof of continuation (ITR, Trade License, Sales Tax Certificate)
6. Other documents (copy of sole proprietorship declaration, partnership deed, MOA & AOA, Board resolution)