Posted 23 Jan, 2019 | Finance
What is needed to apply for a business loan?Add Answer
- Age limit (Well, you must be above 21 at least, while the maximum age will be below 65).
- If you are having an existing business then, it should be a minimum of 2 years old with a turnover of Rs.3 lakh.
- If you’re going to start a business, there are banks that are ready to give startup loans.
- A Credit score is a must because without a high credit score it is not possible to get loans.
- ID proof, and Address proof, for communication purposes and also for banks to confirm that the business is not fake.
- A surety signature in-case if the person taking the loan couldn't repay.
Applying for a business loan can be a tedious job with a bank as you require collateral/asset against applying for a business loan. There are different requirements depending on what category your business falls under. Below is the list of type of business and the docs required for every business type.
For business registration, one can use the following docs:
1) Business Registration Certificate
2) GST filing
4) Trade License
5) Drug License