Punjab National Bank (PNB), one of India’s most established public area banks, gives business loan to new companies, business visionaries, self -employed professionals with an expert to help their organizations’ capital necessities or to extend business tasks. The business loan interest rate presented by PNB relies upon the candidate’s profile and business necessities, alongside the candidate’s monetary history, CIBIL score and loan repayment history, and so on.
PNB Business Loan Eligibility Criteria
PNB offers a wide scope of business loan plans to its clients; accordingly, the qualification varies from one scheme to other.
Eligible candidates to apply for PNB Business Loan: Individuals, SMEs, MSMEs, entrepreneurs, women entrepreneurs, independently employed professionals, sole owners, organization firms, public and private restricted organizations, and restricted obligation associations who are locked in just in exchanging, administrations and assembling areas.
Components that influence PNB Business Loan Eligibility
- Capacity to properly repayment loan on schedule: The bank will make sure that the finance manager should have an authentic kind of revenue and can repayment the duty on schedule.
- Financial assessment of the organization or proprietor if there should be an occurrence of another endeavor: The bank will check the organization’s repayment history for all earlier loans taken. A decent record as a consumer will help in getting the loan without any problem.
- History of the current business: Bank will assess the previous exchanges and friends’ development to comprehend if the organization needs additional financing and can repayment something similar in due time.
- Business strength: PNB requires the monetary history of organizations to survey their solidness. It will assess the development in deals in the course of recent years.
- Benefit and turnover: Bank will require benefit subtleties of recent years. An association’s benefit and income assume a significant part in deciding whether an organization can be given a loan or not.
- ITR and Banking subtleties: PNB will require business loan forms and banking subtleties for an all-around existing organization, preceding endorsing the loan.
Documents Required for Loan Application
PNB offers a wide exhibit of Business Loan Schemes to its clients. Each plan has diverse qualification rules and archives necessity. The accompanying arrangement of archives are generally needed under the business loan plans:
- Properly filled application structure
- Passport-sized photos
- Self-drafted Business Plan
- Business PAN card
- Personality verification and Address confirmations, including Aadhaar Card, Voters Identity Card, Passport and Driving License
- Business Incorporation Certificate
- Most recent a year’s bank proclamation
- Most recent 2 years’ Balance Sheet, P&L proclamation, ITR, and Sales Tax returns
- Some other documents needed by the bank
PNB Business Loan Products/Schemes – 2021
PNB offers a broad scope of items to different self-employed professionals and business people of MSME and corporates according to their necessities and business profiles to satisfy their loan prerequisites. A portion of the notable items are talked about beneath:
- PNB Green Ride
- The plan intends to financially support the vehicle administrators of e-carts and to set out work open doors for the micro borrowers.
- An individual, transport administrator, sole owner, association firms, private and public ltd. organizations, organizations that intend to possess transport vehicle(s) for moving travelers or merchandise on recruit can apply for this loan plan.
- The borrower should give a legitimate permit to working the vehicles and utilizing it for moving travelers or products.
- The bank offers worthwhile and moderate loan costs.
- Taking everything into account, for a new E-Rickshaw, a limit of 85% of the receipt cost of the vehicle or 80% of on-street value, whichever is less will be authorized
- PNB Sanjeevani
- This loan is appropriate for ensured and enlisted specialists and clinical professionals having the least capability of MBBS/BAMS/BDS/BHMS/BUMS
- People, Partnership, LLP, Private Limited, Limited Company, Trust can likewise take this loan
- The loan can be utilized to buy clinical gear or to buy, redesign, modify or outfit facilities, emergency clinics, nursing homes, and clinical focuses
- At Least Rs.1 lakh to a limit of Rs. 5 crores can be authorized under this plan.
- Under this loan plan, the term loan and overdraft office is given. The overdraft office is for a most extreme measure of Rs. 1 crore
- PNB Vanita
- Ladies associated with the matter of assembling or exchanging or administration can without much of a stretch apply for this loan.
- The bank will give assets up to Rs. 25,000
- No security or guarantor is required as the loan will be covered under CGTMSE for qualified exercises
- Ladies having a place with BPL, SC, or ST class will be given more inclination
- Repayment residency presented under this plan is 3 years to 5 years with a ban time of 3-6 months
- PNB Professional Schemes
- This loan plan is given to qualified professionals to begin new pursuits or extend a current one. Clinical professionals and dealers are barred from profiting from this plan
- People, organizations, LLPs, affiliations, and private and public restricted organizations are additionally qualified
- Term Loan sum presented under this plan begins from Rs. 1 lakh and most extreme is need-based
- Overdraft sum is least Rs. 1 lakh and most extreme up to Rs. 25 lakhs
- Money loan is least Rs. 1 lakh and most extreme is need-based
- If there should be an occurrence of term loan, the repayment period can go as high as 7 years including the greatest ban time of a half year. The ban period may even reach out to a year and a half in explicit cases
- The overdraft/CC offices will be authorized for the residency of 1 year and will be recharged every year
- Super Trade
- The least loan sum offered is Rs. 10 lakh and the Maximum loan sum is Rs. 5 crore
- This loan is given to fund stock and book obligations of not over 4 months old
- All MSME business people with acceptable involvement with exchanging exercises of materials, products, or hardware can apply for this loan
- The borrower should submit monetary records of no less than 2 going before monetary years
- The bank will acknowledge the hypothecation of stocks and the task of book obligations as the essential security
- All things considered, at least 150% (Realizable Value) of the loan sum as a home loan of unfaltering property as well as other fluid security appropriately charged to the bank
- MUDRA Loan under PMMY
- Mudra loan fee presented by PNB begins from 10.30% onwards
- Loan sum presented under this loan plot is up to Rs. 10 lakh
- No security is needed by the bank
- Nil handling expense is accused along with of no abandonment charges
- Mudra loan asset the non-ranch specialty units to build their pay in exchanging, assembling, handling, and administration exercises
- Any Individual, SME, MSME, Self-utilized proficient, LLP, Partnership firm, Private or Public Limited Company can apply for a Mudra loan
- The borrower should not be a defaulter in any of the banks or monetary foundation
To conclude, Punjab National Bank business loan 2021 is one of the best business loans available in the financial market. You can apply for a loan from Afinoz to get the best deal and low business loan interest rate.