Documents Required for New Business Loan

Business Loans play a vital role in business expansion and growth. It is not possible to run a business with limited funds. There are multiple needs like purchasing machinery, paying out small debts and some other expenses that could only be possible with business financing. But before you apply for a loan you must know the documents required for a new business loan. It is not possible to get a business loan without presenting the prior needed documents to the bank.

List of Documents Needed while Applying for Business Loan

There are some common documents that are demanded by the lenders when you are applying for a business loan. It is mandatory to have the following documents.

  • Identity Proof – PAN Card, Driving License, Aadhaar Card, Voter I.D, Passport.
  • Address Proof – Ration Card, Electricity Bill, Telephone Bill, Trade License, Passport, Lease Agreement, Sales Tax Certificate.
  • Bank Statement of last 2 years as Income Statement.
  • Last 2 years ITR along with computation of Balance Sheet, Income Statement and P/L statement of the last 2 years as financial documents.
  • Business Ownership proof like Sole Proprietorship Declaration, Original Papers of MOA and Article of Association.
  • Last 3 years financials audited by a Chartered Accountant.

Other Common Documents Necessary for Business Loan

  • Completely Filled Loan Application from with the photograph pasted on it.
  • PAN Card, Passport, Driving License, Voter I.D Card.
  • Residential Proof – Lease Agreement, Electricity Bill, Telephone Bill, Ration Card, Trade License, Sales Tax Certificate.
  • Passport, PAN Card, Voter I.D for age proof.
  • Copies of Income Tax Return for the preceding two years.
  • Bank Statement for the preceding 6 months.
  • Profit and Loss Statement and Balance Sheet for the last two years audited by a CA.
  • For Self-Employed Private Limited Companies and Partnership firms – Copies of 2 years income tax return and last 2 years CA audited P/L statement and balance sheet.
  • For Self-Employed individuals and Professional needs P/L Account Statement and Balance Sheet audited by a CA for the last 2 years.
  • Self-Employed Non-Professionals – Bank statement, IT Return Copies, Balance Sheet and P/L Account audited by a certified CA.
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Pvt.Ltd Companies and Partnership Firm

  • Identity Proof of Pvt. Ltd Company – Sales Tax, Service Tax, VAT, Excise Registration, Electricity, IT Return, Water Tax, Registration Under Shops and Establishment Act, Municipal Tax, Memorandum of Association, Articles of Association.
  • Individual Identity Proof – Directors identity Proof, PAN Card, Voter I.D or Driving License.

Documents for Professionals

  • Proof of identity of the Sole Proprietorship Business.
  • PAN Card, Water Tax, Electricity Bill, Income Tax Return.
  • Individual identity Proof of the proprietor like Passport, Driving License, Voter I.D and Pan Card with Photo.
  • Address Proof of the Proprietor like driving license, passport, Aadhaar Card.

Documents for Non-Professionals

  • Identity proof of the Sole Proprietorship Business.
  • Identity proof of the Individual.
  • Last 3 years Income Tax Documents.
  • Last 3 years Sales Tax Return Document.
  • Periodic Stock, Debts, Creditors Statement for the last 3 months.
  • Last 6 month bank statement.


Well, if you are willing to apply for a business loan then keep the above documents ready. If you don’t have an ITR document then there are some financial institutions that grant business loan without ITR. Now, you know the various documents required for a new business loan. Arrange all of them quickly and get a business loan.

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