PNB Business Loan – The Most Affordable Business Loan

The Punjab National Bank is one of India’s prominent banks offering financial services. From a personal loan to a Business loan, it offers everything under the sun. Today, in this short post we will explore PNB Business loan.

If during these covid times, you are finding it hard to keep the business running, This business loan could easily help out.

PNB Business loan

The PNB Business loan become borrower’s favorite due to its simple documentation process, easy disburse of the loan amount, and competitive interest rate.

• Interest Rates - 12.60% ( Up to 2 lakhs ), 15.60% ( Above 2 lakhs )

• Loan amount - From Rs 50,000 to Rs 15 lakhs

• Loan tenure - 1 to 5 Years

• Prepayment – Not till 6 EMIs are paid

• Prepayment charge -2% of the outstanding prepaid amount

• No Objection Certificate(NOC) -Rs. 150 per certificate

• Charge for change in terms &conditions -0.02% of the loan amount (minimum of Rs. 1000 And Maximum Rs. 5 lakhs)

• Documentation Charges -Up to Rs. 2 lakhs – NIL, Above Rs. 2 lakhs - Rs. 400 per lakh or part thereof ( Subject to a minimum of Rs 1000 and a maximum of Rs.50000)

Types of PNB Business loan PNB has an extensive range of business loans compared to its competitors. Here is a comprehensive list.

• PNB Green ride

• GUARANTEED EMERGENCY CREDIT LINE

• PM SVANIDHI

• PNB ARHATIA

• PNB SATKAAR

• PNB TRANSPORT LOAN

• PNB UDYOG

• PNB VYAPAAR

• PNB WEAVER MUDRA CARD

• PNB SEVA

• PNB STANDBY LINE OF CREDIT

• PNB TATKAAL Business loan

• PNB ARTISAN CREDIT CARD

• PNB CONTRACTOR

• PNB E-GODAM

• PNB Sanjavani

• PNB Vanita

• PNB Professional Schemes

• Super Trade

• Mudra Loan under PMMY

What are the eligibility criteria for the PNB Business loan?

• Any borrower who is an Indian resident.

• The borrower at the time of applying should be between 21 years and 58 years.

• The borrower should have at least 2 years of experience in the current business.

• The business turnover should be at least Rs 25 lakhs per annum.

• PNB may or may not ask for collateral depending upon your CIBIL report.

• The business should be profitable for at least 1 year.

If you are not sure whether you qualify for PNB Business or not, it would be good to use the Business loan EMI Calculator.

PNB Business loan document requirements If you have a sole proprietorship firm

• Identity proof – Aadhar card, Passport, Voter ID card, PAN card, Driving license

• Address proof – The electricity bill, Telephone bill, any other documents

• Bank statement for the last 6 months

• IT and P&L Statement for the last 2 year

Additional documents for Partnership and Private firm

• Residence proof for all directors

• Business proof

• Balance sheet for the last 3 months

• VAT return

• Assets and liability statement

• Title deeds/ Lease deeds

• MSME/SSI registration

Features of PNB Business loan

• The loan disbursement process is very fast.

• The loan term is flexible.

• It requires minimal documentation to grant the business loan.

• It requires no collateral for SMEs loan.

• The pre-payment charge is low.

• PNB offers a insurance on its business loan.

• There are no hidden charges.

• There is complete transparency in the process.

How to apply?

You can visit the PNB official website or go to the nearest branch to apply.

Conclusion

As you can see, PNB Business loan is quite diverse with a lot of different options. You can get one of them as per your requirement.