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When you apply for a business loan with a lender, it asks you to submit certain documents to check your business loan eligibility. Although the documents required for business loan may differ from one lending institution to another, there are some common business loan documents that you have to submit irrespective of the lender.
At Tata Capital, we provide business loans with minimum documents and easy eligibility criteria. We ask only for some basic business loan documents from our customers, which include a business loan application form, photo identity proof, address proof, business ownership proof, and proof of income.
You can avail of a Tata Capital business loan by submitting only a handful of documents. You can submit these business loan documents directly at your nearest Tata Capital branch or upload them on our website. Below is our business loan documents list:
Please note that this business loan documents list is indicative. The exact documents required for business loan may vary from case to case based on our assessment program. However, the KYC documents and six-month bank statements are common business loan documents required in each case.
Choosing an appropriate business loan partner is a crucial decision for any business owner. By taking time to understand your precise financial requirements and comparing the costs and features, you can zero in on a business loan that’s perfectly suited to your needs. Here are a few reasons why you should apply for a business loan with Tata Capital:
The lenders ask for business loan documents to check an applicant’s authenticity and business loan eligibility. That is why it’s necessary to submit the required documents for a business loan at the time of loan application. If you fail to submit all your business loan documents, the lender may fail to establish your loan eligibility and hence, may reject your business loan application.
Once you submit the documents required for new business loan to the lender, it starts a verification process for your documents. Once the verification process gets complete, the lender sanctions your business loan amount.
With Tata Capital, you can apply for a business loan by fulfilling simple eligibility criteria and submitting a few essential documents. You can submit your business loan documents in any of the following ways:
With Tata Capital, you can apply for a business loan by fulfilling simple eligibility criteria and submitting a few essential documents. You can submit your business loan documents in any of the following ways:
Your credit score is one of the most crucial factors that determine your business loan eligibility. A higher credit score denotes that you are a responsible borrower, improving your chances of getting a business loan from a lender. Ideally, you must have a credit score of 750 or more to qualify for a business loan in India.
To apply for a business loan at Tata Capital, you need to have a credit score of 650 or more. By having an even higher credit score, you can secure the lowest interest rate for business loan. You can check your credit score in a few simple steps by clicking here.
To apply for a business loan with Tata Capital, you are required to submit certain documents. They include your business proof, such as your business registration certificate, trade license, GST registration certificate, or partnership deed agreement.
You are also required to submit proof of income, which can be your last two years’ Income Tax Returns (ITRs) and last two years’ audited financial statements with tax audit reports. These documents help us in assessing your requirements and provide you with a customized loan for your business.
Below are the eligibility requirements you need to fulfill if you want to avail of a business loan from Tata Capital:
Your age should be at least 21 years at the time of application and not more than 65 years at the time of the last EMI
Your credit score should be at least 650
Your business should be profitable for the last three financial years
You must have a business stability of at least two years
Your banking balance should be at least Rs. 5,000
The revenues generated by your business in a financial year also play a crucial role. If you have a history of generating significant revenues, you can qualify for the lowest interest rate business loan.
Yes. At Tata Capital, we offer customized business loans for micro, small, and medium-sized enterprises (MSMEs) in India. Our aim is to strengthen new-age entrepreneurs and ensure that the lack of finances does not deter them from turning their aspirations into realities. We offer loans for start-up businesses at highly competitive interest rates.
We also offer business loans for women entrepreneurs with some exclusive features and advantages. As a start-up business owner, you can apply for an MSME loan with minimum documentation. All you have to do is fill out a business loan application form on our website or visit your nearest Tata Capital branch.
At Tata Capital, we allow you to repay your business loan at your convenience. That is why we offer multiple EMI options to make your repayments easier. Below are the available business loan repayment options:
Fixed EMIs
Under the Fixed EMI option, your business loan EMIs will remain the same throughout its tenure. This option is ideal for those who have a steady and consistent income.
Structured EMIs
Under the Structured EMI option, you can choose to increase or decrease your EMIs as per your repayment capability and monthly income. This option is ideal for those involved in a seasonal business without a fixed or steady income.
Tata Capital business loans are multi-purpose loans that can be used to meet all your business-related financial requirements. It means that you can use this loan to meet funding requirements for the expansion of your existing business. These may include adding a new dimension to your business, launching a new product or service, procuring new spaces for strengthening your reach, and acquiring other businesses.
You can also use our business loan to tackle working capital requirements, purchase raw materials, upgrade your workplace equipment and infrastructure, and pay wages to your employees.
Tata Capital business loans are available for self-employed individuals, proprietorship firms, partnership firms, Limited Liability Partnership (LLP) firms, Private Limited Companies, Closely Held Public Limited Companies, Hindu Undivided Families (HUFs), Societies, and Trusts.
We offer the following types of business loans for our customers:
Business Loans for Women
We provide customized business loans for women entrepreneurs with some exclusive features and benefits.
MSME/SME Loan
We provide tailor-made business loans for micro, small, and medium-sized enterprise (MSME) owners so that they can grow and expand their businesses
Working Capital Loan
We provide working capital loans for all business owners so that they can run their businesses smoothly.
Machinery Loan
We provide machinery loans for those engaged in manufacturing and processing businesses and want to install the latest machinery in their factories.
You can choose to make full or partial prepayments on your business loan if you have surplus funds with you. Doing so will reduce your principal outstanding amount and, subsequently, your business loan EMIs. You will also save on your overall interest outgo.
However, you may incur certain prepayment charges when you repay your business loan before the end of its tenure. At Tata Capital, we levy a prepayment charge of 4.5% of the principal outstanding amount plus GST. No prepayment is allowed in the first nine months.
At Tata Capital, you can get a business funding without providing any collateral or security. We offer collateral-free business loans to ensure that financial challenges do not deter you from taking your business to greater heights. However, if you can provide collateral, you may secure the lowest interest rate on your business loan. We accept real estate properties, large equipment, and investments in securities as collateral for business loans.
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