Allahabad Bank Business Loan

Allahabad Bank Business Loan Key Features

Interest Rate, Fees, and Charges (Self Employed Non-Professional)

Interest Rate, Fees, and Charges (Self Employed Professional)

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Advantages of Allahabad Bank Business Loan

• Unlimited free ATM transactions at Allahabad Bank and another bank VISA ATMs in India
• No charges will apply to services like NEFT/RTGS transactions and demand drafts.
• If your credit score will be good there may be a chance of a low interest rate.
• Less paperwork is needed to get an Allahabad Bank business loan.
• You can use Allahabad Bank business loans in your flexible way.
• You can get multiple credit cards.
• You can simply pay by Internet Banking, Mobile Banking, SimplyPay UPI App, Online utility bill payment facility, etc.
• Now you don’t need to worry if you don’t have a minimum balance for CEP accounts, you can receive a salary without it also.

Allahabad Bank Business Loan Eligibility Criteria

Allahabad Bank Business Loan Documents Required

List of Common Documents

• Voter ID card / Driving License/ PAN Card and MAPIN card are some documents required for Identity proof
• Passport /Ration card /Electricity Bill/ Sales Tax certificate/Trade license are some documents required for Proof of Residence.
• Copy of Bank Statement
• Latest ITR and statement of computation of Income for the last 2 yrs.
• Proof of continuity of business
• Other Mandatory Documents that are Certified copy of Memorandum & Articles of Association certified by a director, Sole Proprietorship Declaration.
• Financials audited/ certified by a CA
• Application form with the photo and sign of applicants.
• For Valid Proof for Identity: Sales Tax certificate, Trade license, Lease agreement, Ration card, Electricity Bill, Passport.
• For Residence Proof: Ration card Tel, Passport, Trade license, Sales Tax certificate, Lease agreement, Electricity Bill,
• Age Proof: Voter’s identity card, Passport, PAN card
• Financial Documents: the latest Bank statements for 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A.and Copy of IT returns for the last two years.

Self Employed (Private Ltd. Co. and Partnership Firms)

• Identity proof of private limited company: PAN Card, VAT, Service Tax, Sales tax, IT return of the concern/ Electricity bill /Water bill/ Registration under Shops Articles of Association, and Memorandum.
• Proof of identity to be submitted for the authorized signatories (2 Directors which includes the managing director) (any one of the following): PAN card, Voter’s identity card, Passport, and Driving license

Self Employed Individuals – Professionals

• Sole proprietorship need his/her identity proof
• PAN Card /Income tax return or Water bill, and electricity bill in the name of the concern
• Passport, Driving license, Voter’s identity card, PAN card must be submitted by a sole proprietor for identification.
• Address Proof for the Sole Proprietor: Driving license, Voter’s identity card, Ration card, Passport

Self Employed Individuals – Non Professionals:

• Sole proprietorship need to submit his/her id proof such as Passport, Voter’s identity card, Driving license
• Individual identity proof
• Last 3 years sales tax return
• Photocopy of periodic stock, creditors-statement for the latest three months, and age-wise book-debt.
• Photocopy of bank statement of main banker/copy of bank statement for the term loan for last months
• Last 3 years Income tax returns

It is mandatory to fill in the Business Loan Application form, irrespective of which business loan you are looking for, without the application the loan will not be processed.

Business Loan EMI Calculator for Allahabad Bank