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Business Loan: Key documents needed to secure financing, check full list

The article from Moneycontrol outlines the essential documents required for securing a business loan in India. It emphasizes that while the specific documents can vary by lender, common requirements include KYC (Know Your Customer) documents like PAN card, Aadhaar card, voter ID, or passport for identity verification, and address proof such as utility bills or rental agreements. Financial documents are crucial, encompassing the last three years' balance sheets, profit and loss statements, and income tax returns (ITR) for both the business and its promoters. For businesses less than three years old, projected financial statements might be necessary. Additionally, documents detailing business ownership, like partnership deeds or incorporation certificates, are needed. The article also mentions the importance of a business plan, bank statements for the last six months, and any existing loan details. For loans backed by collateral, property documents are required, and in some cases, a CA certificate or a no-objection certificate from the property owner might be needed. The article concludes by advising potential borrowers to prepare these documents meticulously to streamline the loan application process.

Read the Full moneycontrol.com Article at:
[ https://www.moneycontrol.com/news/business/personal-finance/business-loan-key-documents-needed-to-secure-financing-check-full-list-12889298.html ]