To prove they are eligible and get the loan they need, applicants must provide KYC documents, business documents, and bank statements. The documents include proof of their name, address, income, bank statements, ITR or GST, and the fact that they have a business.
Different lenders have different rules about who can get loans and what documents they need. Check your lender’s rules before you apply.
Documents needed for an MSME loan include proof of identity and proof of address.
Lenders may also ask you to submit them your financial records. All lenders, including banks and NBFCs, need to see previous or past bank statements before they can process and give out MSME loans. The interest rates for MSME loans are different from those of regular bank loans for the same amount. So, as part of the documents you need for an MSME loan, you have to give information about your bank account from at least the last two years. You must also submit in your income tax returns for the previous two years.