How to get hassel free Business Loan from a Bank

Banks provide various type of loans and advances by way of Fund Based limits and Non Fund Based limits. First we will discuss about various type of Fund Based Limits. These limits are granted by way of Term Loan and working capital. The following are the basic documents to be kept ready before approaching the Bank for any of the above facilities viz: Term Loan or working capital limits

  1. Brief profile of the business and its proprietor, partners, directors etc
  2. Statement of Bank account for the last 6 months, if it is existing one
  3. Duly filled in application form in the prescribed format of the Bank
  4. Financial Statements and projections along with IT return of the entity and promoters for the last 3 years. Sources of promoters contribution? Relationship of promoters with each other
  5. Statement of Net Worth of promoters
  6. KYC documents duly verified like Aadhar Card, PAN card etc of entity and promoters. Business approvals like GST registration no etc
  7. Reasons for the low Credit Score i.e if less than700
  8. Details of collateral securities offered and its valuation etc