What are the main criteria for applying for a business loan?
- Age Limit: The applicant should be a minimum of 21 years and a maximum of 65 years.
- Income: The 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 for a business loan?
- Identity Proof: For a company, firm or individual- a valid Identity proof and PAN Card.
- Address Proof: Voter ID card, Ration card, Passport, or Driving License.
- Bank Statements: Latest Bank Statements for the last 6 months.
- 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.
- Proof of Continuation: TR/Trade license/Establishment/Sales Tax Certificate.
- Other Documents: Sole Proprietorship Declaration or Certified Copy of the Partnership Deed, certified true copy of the Memorandum and Articles of Association (certified by the company Director) and the Board resolution.
About Finline!
Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline will help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. Our reports are accepted by all public and private sector banks working in India. Click to create your report.
