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2018-06-29 02:47:55Finance and AccountingEnglishA business loan is needed to start or expand a business or develop a new product or service. But to get a business loan, you first need a... Business: Checklist For Business Loan Documents

Small Business: Checklist For Business Loan Documents

1 min read

A business loan sets you up with the financing you need to:

start or expand a business

– develop or manufacture new products.

But to get a loan, the first thing you have to do is gather the necessary documents for your application.

Documents Needed For Identity Verification

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.

Documents Needed For Financial Background Verification

Additionally, the bank will look through your company’s finances. This will 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. You can also print this information in a matter of minutes.

Documents Needed As Proof Of Continuation

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

Though banks require a list of documents to be submitted with a business loan application. The good news is, it’s all pretty easy to gather. By keeping correct documents handy, 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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