2018-06-29 02:47:55Finance and AccountingEnglishLearn what type of documentation you should submit to the bank when you're applying for a business loan. You should gather your documents...https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2018/06/business-owner-compiles-documentation-business-loan.jpghttps://quickbooks.intuit.com/in/resources/finance-and-accounting/gather-business-loan-documentation/How to Gather Documentation for a Business Loan

How to Gather Documentation for a Business Loan

1 min read

A business loan sets you up with the financing you need to start or expand a business or develop and manufacture new products. But to get a loan, the first thing you have to do is gather the necessary paperwork for your application.

Pull the documents needed to prove your identity and address. To verify your identity, use one of the following:

  • Aadhaar card
  • Passport
  • Voter’s ID card
  • Individual PAN card
  • Driver’s license

Your Aadhaar card, passport, voter’s ID card, and driver’s license can also be used for your address verification.

Additionally, the bank will look through your company’s finances to help them determine whether or not you can repay the loan. Be ready to provide:

With a cloud-based accounting software, such as QuickBooks, you can run these reports and print this information in a matter of minutes.

If you have an ITR/Trade license, an establishment certificate, or a sales tax certificate, you should also provide the bank with the proper Proof of Continuation document. Depending on the type of business you own, the bank will also require one of the following:

  • Sole proprietor declaration or a certified copy of your partnership deed
  • Certified true copy of Memorandum and Articles of Association that’s certified by the director
  • An original board resolution document

The good news is, even though banks require quite a bit of documentation to be submitted with a business loan application, it’s all pretty easy to gather. And by having the correct documentation ready to submit with your application, your bank can start processing your loan approval right away.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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