Introduction
Applying for a loan? Don’t let incomplete paperwork delay your approval! Whether you’re a salaried individual, a sole proprietor, a partnership firm, or a company, banks require specific documents to verify your financial credibility before sanctioning a loan.
To help you prepare, we’ve compiled a complete checklist of documents required for each borrower category. Having these ready in advance will increase your chances of quick approval and better loan terms.
1. Documents Required for Salaried Individuals
If you’re a salaried professional applying for a home loan, personal loan, or loan against property, banks evaluate your income stability and employment history to determine your repayment capacity.
✅ Mandatory Documents
- Aadhaar Card (Identity & address proof)
- PAN Card
- Salary Slips (Last 3 Months) or Salary Certificate
- Bank Account Statement (Last 1 Year) – For salary verification
- Form 16 (Parts A & B) or ITRs (If available) – For tax compliance
- ID Card Photo (If issued by employer)
- 2 Passport-Sized Photos (For offline applications)
- Selfie Photo (Both Ears Visible) – Required for digital verification
💡 Pro Tip: Maintaining a CIBIL score above 750 can help you secure a loan at lower interest rates!
2. Documents Required for Self-employed non-professionals (Sole-proprietors)
For single-owner businesses, banks assess the proprietor’s financial strength as the business and owner are legally the same entity.
✅ Basic KYC & Business Proof
- Aadhaar Card & PAN Card (Proprietor)
- Gumasta / Shop Act License – Business registration proof
- Udyam Registration Certificate – For MSME businesses
- GST Certificate
✅ Financial & Taxation Documents
- Bank Statements (Last 1 Year) – All business accounts
- ITR Filings (Last 2-3 Years)
- Computation of Income Statements
- Balance Sheet & Profit & Loss Statements (Last 2 Years)
- GST 3B Statements (Last 1 Year) – Tax filing proof
✅ Additional Requirements
- 2 Passport-Sized Photos (Proprietor)
- Selfie Photo (Both Ears Visible)
- Photos of Business/Shop (Inside & Outside)
💡 Pro Tip: Ensure all business transactions go through your bank account for better loan eligibility.
3. Documents Required for Self-Employed Professionals (Doctors / Chartered Accountants / Lawyers)
For doctors, chartered accountants (CAs), or lawyers, banks verify their financials, gross receipts and duration of established practice.
✅ Basic KYC & Business Proofs
- Aadhaar Card & PAN Card
- Gumasta / Shop Act License
- Udyam Registration Certificate
- GST Certificate (If applicable)
- Professional practice certificate
- Educational Qualification Certificate
✅ Financial & Taxation Documents
- Bank account Statements (Last 1 Year)
- Tax deduction certificate / Form 26 AS
- Details of contract / receipts
- ITR Filings (Last 2-3 Years)
- Computation of Income Statements
- Balance Sheet & Profit & Loss Statements (Last 2 Years)
✅ Additional Requirements
- Brief business profile on the letter head
- 2 Passport-Sized Photos
- Selfie Photo (Both Ears Visible)
- Photos of Business/Shop (Inside & Outside)
4. Documents Required for Partnership Firms
For partnership businesses, banks verify both the firm’s financials and the partners’ creditworthiness.
✅ Basic KYC & Business Proof
- Aadhaar Card & PAN Card (All Partners & Firm)
- Gumasta / Shop Act License
- Udyam Registration Certificate
- GST Certificate
- Partnership Deed (Legal document defining ownership & responsibilities)
- Partnership Registration Certificate
- Authorization Letter (For loan application on behalf of the firm)
✅ Financial & Taxation Documents
- Bank Statements (Last 1 Year) – Firm & all partners’ accounts
- ITR Filings (Last 2-3 Years)
- Computation of Income Statements
- Balance Sheet & Profit & Loss Statements (Last 2 Years)
- GST 3B Statements (Last 1 Year)
✅ Additional Requirements
- 2 Passport-Sized Photos (All Partners)
- Selfie Photo (Both Ears Visible, All Partners)
- Photos of Business/Shop (Inside & Outside)
💡 Pro Tip: Banks prefer registered partnerships over unregistered ones for loan approvals.
5. Documents Required for Private Limited & Limited Companies
For corporate entities, lenders assess the company’s financial health and the directors’ credit history.
✅ Company Identity & Legal Documents
- Aadhaar Card & PAN Card (All Directors & Company)
- Gumasta / Shop Act License
- Udyam Registration Certificate
- GST Certificate
- Company Registration Certificate (Issued by MCA)
- Memorandum of Association (MOA) & Articles of Association (AOA) – Defining company structure
- Board Resolution – Authorizing a director to apply for a loan
✅ Financial & Taxation Documents
- Bank Statements (Last 1 Year) – Company & directors’ accounts
- ITR Filings (Last 2-3 Years)
- Computation of Income Statements
- Balance Sheet & Profit & Loss Statements (Last 2 Years)
- GST 3B Statements (Last 1 Year)
✅ Additional Requirements
- 2 Passport-Sized Photos (All Directors)
- Selfie Photo (Both Ears Visible, All Directors)
- Photos of Business/Shop (Inside & Outside)
💡 Pro Tip: Maintaining positive cash flows and audited financials strengthens your corporate loan application.
Common Mistakes to Avoid While Submitting Documents
- Providing Incorrect Information – Any mismatch can delay or reject your application.
- Skipping Financial Documents – Lenders evaluate your ability to repay, so complete financial records are crucial.
- Low Credit Score – A CIBIL score below 700 reduces approval chances.
- Submitting Incomplete Applications – Always double-check that all mandatory documents are attached.
- Ignoring Tax Compliance – Ensure GST returns and ITR filings are up to date for business loans.
Conclusion: Be Loan-Ready with the Right Documents
Whether you are a salaried professional, a sole proprietor, a partnership firm, or a company, having a complete and well-organized set of documents significantly improves your loan approval chances.
🔹 Key Takeaways:
✔ Salaried individuals need salary slips, Form 16, and ITRs for income verification.
✔ Sole proprietors must provide business licenses, GST returns, and financial statements.
✔ Partnership firms need a registered partnership deed, financials, and partners’ details.
✔ Companies must submit MOA, AOA, board resolutions, and audited balance sheets.
By ensuring proper documentation, you can avoid unnecessary delays, negotiate better loan terms, and secure faster approvals.
Need Help with Loan Processing?
Have questions about documentation? Drop your queries in the comments below or reach out to our loan advisors for expert guidance! 🚀