To apply for an equipment loan, you’ll generally need to provide the following documents :
.png "https://britagilla.blogspot.com/2024/03/what-documents-do-i-need-to-apply-for.html")
- Business Plan: Outlines your strategy for growth and profitability.
- Financial Statements : Including bank statements, balance sheets, profit and loss statements, and revenue forecasts.
- Tax Statements : Personal and business income tax returns from the past three years.
- Credit History : Both personal and business credit reports.
- Legal Documents: Such as business licenses and registrations.
- Proof of Identity : Like a PAN card, Aadhar card, or driver’s license.
- Address Proof : For both residence and business locations.
- Business Registration Proof : To verify the legitimacy of your business.
- Bank Statements : Typically the last six months to show cash flow.
- Equipment Quote : The quotation for the machinery or equipment you intend to purchase.
Remember, the exact documents required can vary depending on the lender and the type of loan. It’s always best to check with the specific lender for their requirements.