- July 14, 2020
- Posted by: asmaenterprise
Eligibility Criteria & Documentation for Business Loan
Who can apply for Business Loan
Self Employed including Individual Proprietors, Private Ltd. Co. and Partnership Firms involved in the Business of Manufacturing, Trading or Services.
Business Loan Requirements:
- Minimum Turnover of Rs. 40 Lakhs.
- Years in Business: Minimum of 3 years in current business and 5 years total business experience
- Business must be profit making for the last 2 years
- Minimum Annual Income (ITR): Rs. 1.5 Lakhs p.a.
- Age of Applicant: Min 21 years & Max. 65 years at the time of loan maturity.
Documents Required for Business Loan :
- PAN Card – For Company /Firm/ individual.
- Proof of your identity: Copy of Aadhaar Card/Passport/Voter’s ID card/Pan Card/Driving License.
- Proof of your address: Copy of Aadhaar Card/Passport/ Voter ID-Card/Driving License. Bank Statement (latest 6 months)
- Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
- Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
- Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)
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