Business Loan Documents & Eligibility Criteria

You can get a business loan quite easily if you meet the eligibility criteria and have the required documents ready. These factors are usually considered by lenders to evaluate your application to decide on the acceptance or rejection of your loan application. 

Fulfilling these requirements well is essential to ensure that you get the loan at favourable terms. Furthermore, the eligibility criteria and documentation requirements may differ from one lender to another. So, be sure to gain a thorough understanding of these before applying for a business loan.

Here are some common criteria you may have to fulfil to get a business loan on Bajaj Markets:

• Nationality: You must be an Indian citizen

• Eligible Entities: You must be a self-employed individual working in the trading, service, or manufacturing sector

• Age: Your age must fall under the bracket of 25 to 65 years

• CIBIL Score: You should have a score of 650 or more

• Turnover: Your enterprise must have a minimum annual turnover of ₹10 Lakhs

• Business Vintage: The business vintage must be at least 6 months

• Additional: You must file your personal and business ITRs regularly

The requirements may vary depending on the lender. Ensure that you get a complete list of the criteria prior to applying for the loan.

When applying for a business loan, you have to present a set of documents to support your application. Some of the essential common documents include: 

• Application Form: Fill out the loan application form with the necessary details

• Proof of Identity:

  • Passport

  • PAN card

  • Voter ID

  • Driving licence

  • Market Participant Identification Number (MAPIN) card
    

• Proof of Business: 

  • Income tax return filings

  • Udyam certificate

  • Trade licence

  • GST certificate, etc.
    

• Address Proof: 

  • Aadhaar card

  • Voter ID

  • Ration card

  • Telephone bill

  • Lease agreement

  • Electricity bill
    

• Proof of Age:  

  • Passport

  • PAN card

  • Voter ID
    

• Financial Documents:

  • I-T returns of the last 3 years

  • Bank account statements of the last 6 months

  • P&L and balance sheet of the last 2 years, audited by a chartered accountant (CA)

  • Sales tax return documents

  • Copy of periodic stock and creditors-statement of the last 3 months

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.