documents required for business loan processing

Whether you’re looking to expand your business or pay off rents or procure raw materials or clear off your credit dues, a business loan is a perfect option. You can get business loans regardless of your business size. Business loans are unsecured loans that are given by financial service providers based on your credit history and repayment capability.  

While getting loans for running the day-to-day operations was not that easier over the past few years, it is not the same anymore. Financing platforms like OfBusiness has made it easier for SMEs to get loans for managing their business operations seamlessly. And the good news is that the whole process is hassle-free, with minimal documentation.

SMEs and startups throughout India can apply for loans online through OfBusiness mobile application and get it approved in three days. Get quick access to working capital with OfBusiness. 

The OfBusiness Advantage 

Hassle-free process:

At OfBusiness, we understand the difficulties of traveling during these uncertain times. So, we have made the complete process digital. You don’t have to visit our office with a set of documents. Apply for business loans at the comfort of your home from anywhere across India.

Compared to other financial service providers, we require a minimum set of documents. Once our team verifies the records, you will get the amount credited to your account. 

Collateral-free Loan:

This is what makes us different from others in the market. Without any collateral, we provide loans up to two crores. The quote will entirely depend upon your credit history and other business documents. SMEs no longer have to worry if you don’t have collateral to take the loan. Get in touch with our team, and we will help you with the quick loan approval. 

Flexible Repayment Schemes:

We, at OfBusiness, understand your concerns when it comes to repayment. So, we have a flexible repayment scheme. You can choose the repayment option based on your convenience. 

Are you all set to apply for a business loan? If yes, check out the documents required for easy processing. 

Checklist of Documents Required for Business Loans 

While the list of documents may vary from one lender to the other, there are some standard set of documents required for getting a loan. 

Identity Proof:

An identity proof to confirm the nationality is a must while applying for working capital finance. The evidence can be AN card, driving license, election card, or Aadhar card. 

Address Proof:

As the loans are unsecured, submitting the address proof of the person is a must. As address proof, you can use anything from a PAN card, driving license, election card, Aadhar card, or even bank statement. 

Business Continuity Proof:

Business continuity proof is verified through tax registration and GST registration. Ensure to do the tax registrations. 

Ownership Proof:

To avail of a business loan, the owner must submit the ownership proof. This is to verify that the person owns the business. It can be anything like a share certificate, electricity bill, agreement copy, or other related documents. 

Bank Statement:

As you may already know that the income is verified using a bank statement. The same is required for processing raw materials or working capital finance as well. You need to submit the income proof of your firm for the lender to verify your repayment capability. 

There are some other financial documents or income proof documents that may vary from one financial service provider to the other. At OfBusiness, we process your loans with minimal documents.

So, make sure you have the essential documents at the place. Don’t let other companies get ahead of your business owing to financial hurdles, apply for business loans, and get the amount credited in 3 days.  

Still having doubts regarding the documents for getting loans from OfBusiness, get in touch with us. 

Call us at 1800-102-9586 or mail to [email protected]

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