When applying for a business loan, you should generally have:
- income statements and balance sheets for the past two years.
- up-to-date financial statements.
- business plans or project plans to show the direction your business is taking.
- tax returns to verify your income statements.
- bank accounts, also for verification.
Likewise, people ask, can I get a small business loan with no income?
Borrowers can get a business loan if they are unemployed but there are multiple facets impacting their chances of approval. … “If you can convince them you’ll have no problems repaying the loan regardless of your employment, then you’ll have a higher chance of getting funding.”
Herein, how do I get a loan for a new company? Eligibility Criteria for Startup Business Loan
- You should be a resident citizen of India.
- You should have a CIBIL score of at least 700.
- Your business should have been operational for at least 2 years.
- Minimum annual income of your business should be INR 2 lakhs.
- Should be between 21 years to 65 years of age.
Then, what documents do I need when applying for finance?
The documents you need to provide fall into three key categories:
- Identification. Driver’s licence. Evidence of residential address and residential status.
- Financial information. Bank statements. Assets and liabilities. Evidence of Income.
- Information about the car. Registration number and VIN. Purchase price.
What proof is needed for a business loan?
Every lender, whether it’s a bank or alternative lender, will require proof of identity. Bank Statements – Lenders commonly request anywhere from the last three months to the last three years of bank statements. Bank statements present a picture of the cash inflows and outflows of your business.