Business Loan Eligibility and Documents

Getting a business loan from Bajaj Finserv is simple. Applicants just need to fulfil the following eligibility criteria to avail the benefits of the loan:

• The applicant must be between 24 to 70 years*
  (*Age should be 70 years at loan maturity.)
• The applicant must also own a business that has been running for at least 3 years.

Documents required for a business loan

• Identity proof – Applicants need to provide identification proof with appropriate KYC documents such as Aadhaar card, voter ID, PAN card, passport, driving license or any other valid document issued by the government.
• Address proof – Other than KYC, documents like passport, electricity bill, telephone bill, lease agreement, trade license or certificate of trade license can be used as address proof when applying for a Bajaj Finserv Business Loan.
• Financial documents – The common business loan documents list that self-employed professionals and non-professionals need to submit are as follows.
  • Bank account statements for the last 6 months.
  • Balance sheet, as well as profit and loss statement for the previous 2 years, audited by a CA
• Business ownership proof– The proof of business ownership required for a Bajaj Finserv Business Loan depends on the type of business and applicant profile. Documents for various business profiles are mentioned below.
  • For self-employed professionals – Registration document in case of sole proprietors. Other proofs of business ownership for self-employed professionals include documents issued in the concern’s name like PAN card, payment receipt for municipal tax, electricity bill, IT returns, etc.
  • For self-employed non-professionals – Sole proprietor’s registration document, individual identity proof of the owner, IT returns, at least 6 months of bank statements of the owner, statement of creditor/book debt/periodic stock, GST return, etc.
  • For other entities (partnerships and private limited companies) – Partnership agreement in case of partnership firms and Certificate of Commencement/Article and Memorandum of Association for Private Limited companies. Other supporting documents for these concerns including returns of GST returns, registration certificate under the Shops and Establishment Act, etc. Besides, partners and directors also need to submit individual proofs of identity.