Faqs - L&T Finance

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What documents are required to apply for a business loan?

The essential business loan documents include identity proof, address proof, business registration certificate, financial statements, bank statements, and GST registration. Depending on the loan type, additional paperwork may be required.

Is GST registration necessary to get a business loan?

Yes, most lenders require GST registration to verify business turnover and tax compliance. However, for small business loans, alternative proof like sales invoices or bank statements may be accepted.

Can I apply for a business loan without income tax returns (ITR)?

some lenders offer business loans without ITR, but applicants may need to provide bank statements, sales records, or customer invoices to prove income stability.

What documents are required for a secured vs. unsecured business loan?

Secured loans require property papers, machinery invoices, or asset-related documents, while unsecured loans require higher credit scores, business turnover proof, and bank statements.

Do I need to submit income tax returns (ITR) for a business loan?

While ITR is often required, some lenders provide business loan without income proof, especially for small businesses. Instead, they may ask for GST filings, Bank Statements, or alternative financial records.

What additional documents are required for MSME loans?

MSME loan documents required include the Udyam Registration Certificate, business turnover proof, financial statements, and KYC documents. Government-backed schemes may require extra paperwork.

What is the Credit Score Required for a Business Loan?

Most lenders prefer a credit score of 700+ for unsecured loans. A lower score may require collateral or additional documentation.

What financial statements do lenders require for business loan approval?

Lenders usually ask for Profit & Loss statements, balance sheets (last two years), and bank statements (last 6-12 months) to assess financial health.

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