{"id":12875,"date":"2020-10-20T07:06:00","date_gmt":"2020-10-20T07:06:00","guid":{"rendered":"\/blog\/?p=12875"},"modified":"2020-12-23T09:23:11","modified_gmt":"2020-12-23T09:23:11","slug":"list-of-documents-you-must-have-to-get-your-business-loan-approved-in-2020","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-business\/list-of-documents-you-must-have-to-get-your-business-loan-approved-in-2020\/","title":{"rendered":"List of Documents You Must Have to Get Your Business Loan Approved In 2020"},"content":{"rendered":"\n<p>Gone are the days when document verification took months to finish. Due to minimal documentation and online verification facility, business loan approval has become a lot easier today. But how do you make sure the document verification process goes smoothly? <\/p>\n\n\n\n<p>In addition to a duly filled business loan application form, ready a comprehensive business report as well. Give a complete account of how you plan to spend the borrowed amount on your business needs. A detailed report allows lenders to have a better idea of the lending risk, often tipping the scales in your favour. <\/p>\n\n\n\n<p style=\"color:red\"><strong>Additional Read:<\/strong> <a href=\"https:\/\/tata-blog.osian.dev\/blog\/business-loan\/step-by-step-business-loan-application-process-explained\/\">Step by Step Business Loan Application Process Explained<\/a><\/p>\n\n\n\n<p>In\nsome cases, the verification process may even follow a one-on-one discussion.\nBe prepared with the necessary information to answer any and every question\nrelated to the loan. In this way, the loan application process will be a lot\neasier.<\/p>\n\n\n\n<p>Finally,\nprepare the required <a href=\"https:\/\/tata-blog.osian.dev\/business-loan\/eligibility-and-documents.html\">business loan documents<\/a> well in advance. The documents\nyou need to furnish for the verification process include:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Photo identity proof <\/strong><\/h2>\n\n\n\n<p>Applicants\nneed to furnish a passport size photographwith any valid identification document issued by the government.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Voter ID<\/li><li>Drivers\u2019 license<\/li><li>Passport<\/li><li>Aadhaar card<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Business address proof<\/strong><\/h2>\n\n\n\n<p>Other\nthan the listed documents, applicants can furnish any valid address proof\nissued by the government.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Sales Tax certificate<\/li><li>Trade license\/establishment <\/li><li>Lease agreement<\/li><li>Ownership agreement<\/li><li>Ration card<\/li><li>Electricity or telephone bill<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>KYC documents of the business entity<\/strong><\/h2>\n\n\n\n<p>Now,\nthe exact document requirements will vary based on the type of business entity\n\u2013 partnership firm, sole proprietorship, or private\/public limited company. <\/p>\n\n\n\n<p>However,\ncommonly requested documents include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Memorandum and Article of Association<\/li><li>Registration of Incorporation<\/li><li>Sole Propriety Declaration\/ Certified Copy of\nPartnership Deed<\/li><li>Board resolution, if applicable<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Bank statements<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Certified company bank statements of the past six\nmonths<\/li><li>Income Tax Returns of the past two years<\/li><li>Last six months\u2019 balance sheet audited by a CA<\/li><li>Profit and loss account for the previous two years<\/li><li>GST challans<\/li><li>Previous loan details, if any<\/li><\/ul>\n\n\n\n<p>Remember\nthat furnishing the correct documents is essential, but it does not guarantee\nloan approval. Lenders typically approve business loans on a case-to-case\nbasis, upon a careful assessment of the borrowers\u2019 profile. <\/p>\n\n\n\n<p style=\"color:red\"><strong>Additional Read: <\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/business-loan\/how-to-speed-up-business-loan-document-verification-process\/\">How to speed up Business loan Document verification process<\/a><\/p>\n\n\n\n<p>Also, when it comes to business loan EMI, documents verification plays a vital role as well, since lenders assess your loan eligibility at this stage. Fortunately, lenders today offer laxer guidelines to provide borrowers with the upper hand. Many lending institutions even work in collaboration to help them secure customised loans.<\/p>\n\n\n\n<p>As you know, business credit allows you to raise capital without any personal spend. You can obtain funds for a host of purposes, including business expansion, inventory purchase, infrastructure investment, among others. Needless to say, a business loan is an excellent way to keep your cash flow optimal. <\/p>\n\n\n\n<p>Want a <a href=\"https:\/\/tata-blog.osian.dev\/business-loan.html\">business loan<\/a>? Apply with Tata Capital to obtain bespoke finance solutions for your business needs. Get lucrative loan terms with convenient repayment tenure. Avail up to Rs. 75 lakhs to break your business barriers comfortably. For further details, visit our website today!<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/business-loans\/home#!\">Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gone are the days when document verification took months to finish. Due to minimal documentation and online verification facility, business loan approval has become a lot easier today. <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/business-loan\/list-of-documents-you-must-have-to-get-your-business-loan-approved-in-2020\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":12876,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-12875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Are The Documents Required For Business Loan Approval in 2020 - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Check out the necessary business loan documents required for getting instant loan approval. Get detailed knowledge about business loan and various documents needed in 2020\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Are The Documents Required For Business Loan Approval in 2020 - Tata Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Check out the necessary business loan documents required for getting instant loan approval. 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