Getting an MSME loan from a formal lender has become a lot easier, faster, and user-friendly over the last few years. Technology is helping with that. It used to take 4-6 weeks and multiple visits to the lender to get your loan, now you can apply for your business loan online and get your money in a matter of days!
That’s what CreditEnable does for our MSME customers. Our process is 100% digital, we enable MSME loans within days (not weeks), and it has no negative impact on your bureau score!
But the documents you need to submit to the lender when you get your MSME loan still differ from lender to lender, and what kind of loan you get. So, here is a list of the commonly needed MSME loan documents you will need to submit to your lender when applying for a business loan.
What documents do I need to give the lender when I apply for an MSME loan?
Depending on the type of loan you apply for, your MSME loan supporting documents may vary. However, below is a list of the most commonly requested documents to get the ball rolling. Once you’ve decided what lender to apply with and what loan to get (unsecured business loan or secured business loan), the lender will tell you exactly what documents you need to submit.
- Individual KYC documents:
- Business KYC documents (where applicable):
- Company PAN or ePAN card
- Certificate of Incorporation
- Articles of Incorporation
- Memorandum of Association
- List of Shareholders and Directors
- Proof of business registration (any of the following):
- Proof of business vintage
- Renewed rental agreement (where applicable)
- Commercial or residential property ownership proof (any of the following):
- Latest utility bill
- Index 2 papers
- Collateral ownership papers
- Bank account statements for the past 12-months of all bank accounts used for your business
- Audited financial
- ITR Acknowledgement for the last 2 years (proprietor’s or firm’s)
- GSTR-3B for the past 12-months
This is a list of all possible documents lenders can ask for when an MSME applies for a business loan. However, not every MSME will need to submit all of these documents. The documents you must provide will depend on the size and type of loan you apply for, and the constitution of your business.
What documents does CreditEnable need to get me an MSME loan?
When you apply for a business loan using CreditEnable, we’ll first check your eligibly for the loan.
If you meet our lender partners’ credit policies, we’ll give you a complete list of documents we will need to match you with a lender partner and loan product. However, the list above is a good indication of the documents you will need.
All MSMEs need to submit the individual and business KYC documents. The additional documents will vary based on which lender you apply with, the type and size of the loan, and your business constitution.
Our process is also 100% digital, meaning we only accept digital versions of your documents. But the best part is our application auto-saves, so if you need to go looking for a document, you can easily leave, come back, and pick up right where you left off. None of the data or the documents you’ve already uploaded is lost! Just remember, the documents submitted must be in PNG, JPG, or PDF formats.
CreditEnable’s process is transparent, so we tell you upfront what documents will be required to get the business loan you need to grow. Once we have all the required documents, we can assess your credit profile and business and accurately match you with one of our lender partners who is most likely to lend to you. This way, you get your money fast, and your credit score does not take a hit!
Business Loans. Enabled Simply.