PNB business loan is offered between Rs. 5 Lakhs and Rs. 15 lakhs. The Punjab National Bank business loans are offered to businessmen and self-employed persons in case they intend to expand their business or require funds to finance their working capital requirements. Loanbaba.com provides information on PNB business loan.
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Punjab National Bank Business Loan Details Updated on 6th July 2020 |
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Loan Amount
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Rs. 5 Lakhs to Rs. 15 Lakhs
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Loan Tenure
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12 months to 60 months
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Interest Rate
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12.65% onwards
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Why Apply for PNB Business Loan?
- The advantage of this loan is its same interest throughout the duration.
- Simple documentation is needed and the business loan in Punjab National Bank then gets processed faster.
- The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
- You can check out PNB business loan eligibility and PNB Business Loan EMI calculator at Loanbaba.com.
Features of Business Loans at Punjab National Bank
The following key points will help you understand the features and benefits of the business loans:
- The loan can be prepaid by serving prepayment charges of 1%.
- PNB has a great brand value and trust throughout the country.
- PNB has a strong network of near to 7000 branches in the nation.
Why Apply for Business Loan on Loanbaba?
At Loanbaba, you can compare and apply for business loans online. You can check out several loans for business and go through their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, on a single platform. The loan application process is simple and easy, as you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
PNB Business Loan Interest Rates
Business Loan PNB interest rate starts from 12.65%, but varies as per individual profile. Keep a check on this page to note the updated interest rate for the current year.
PNB Business Loan Eligibility Calculator
Business loan eligibility may differ from one candidate to another. You can also use free-of-cost PNB business loan eligibility calculator at Loanbaba.com. The eligibility criteria for the loan are discussed below:
- The applicant for business loan Punjab National Bank needs to meet the age requirement and possess all necessary identity and profit/revenue proof etc required applying for the loan.
- He/she meet the requirement for company credit score and should not be under too many debts.
Types of PNB Business Loans
Punjab National Bank has business loan schemes for all kinds of professionals. The amount taken as loan can be used for either multiple or specific purposes.
Business Loan Products
PNB has a bunch of products to serve various types of needs of different customers of different profiles. The bank has customized its products to meet the expectations of various types of borrowers. Some of the products are discussed below:
PNB Vanita
- Women in the field of trading, small business, manufacturing/ processing or service sector are eligible to avail loan.
- Preference is given to BPL, SC and ST candidates.
- There is no requirement of any collateral.
- The bank finances an amount of up to Rs. 25,000 to set up a new enterprise.
PNB Green Ride
- Salaried employee or self-employed individuals are eligible for this loan.
- Valid license by appropriate authorities to operate vehicle and to utilize it for transportation (passenger or goods) is required to be furnished.
- Firms can also apply for this loan viz. sole proprietor, public or private limited companies, transporter, partnership, etc.
- The bank finances to purchase e-rickshaws, which can be repaid by the borrower in 33 installments.
- Rate of interest offered by the bank is quite affordable.
- No collateral needs to be furnished for a loan amount of up to Rs. 10 lakhs.
- A margin of at least 15% needs to be furnished.
- There are no prepayment charges levied by the bank.
PNB Sanjeevani
- Under this scheme, the bank finances qualified medical professionals/ practitioners to set up new units (hospitals or clinics) and assist in purchasing medical equipments.
- A loan of up to Rs. 5 crores can be advanced under this scheme.
- For a loan above Rs. 20 lakhs, mortgage of IP is required.
- For loan amount more than Rs. 1 crore, overdraft facility is also available.
- A discount of 20% on processing fee is given if the loan application is routed online.
- All qualified doctors with minimum education qualification of BAMS, BHMS, MBBS, BDS and BUMS are eligible to avail the loan.
- Individuals as well as firm are eligible in this case.
Super Trade
- Under this scheme the bank provides a cash credit facility to finance book debts and stocks which are not older than 4 months.
- The borrower needs to furnish collateral or other liquid security to avail the loan.
- A loan amount of up to Rs. 5 crores can be financed.
- It is necessary to submit financials of the business of last two years.
- Enterprises and traders involved in the business of goods, materials and equipments are eligible for this loan.
PNB Professional Scheme
- This loan is advanced to qualified professionals (medical professionals excluded in this scheme) and traders for setting up new units or expanding the existing which includes purchase of equipments.
- Tenure of loan can be up to 7 years.
- Individuals, private and public limited companies, partnerships, proprietorships, LLPs and associations are eligible for this loan.
MUDRA Loans
- Pradhan Mantri Mudra Yojna has been introduced by the government of India in which non-farm business units are financed for trading, processing, manufacturing and rendering services.
- An amount of up to Rs. 10 lakhs can be advanced.
- Agriculture allied activities can also be financed under this scheme.
- The borrower should not be defaulter elsewhere.
- Individuals, partnership firms, Limited Liability Partnerships, proprietorship firms, associations and companies are eligible under this scheme.
PNB Business Loan FAQs
Below provided are important questions about business loan.
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- What are the documents required for PNB business loan?
- Identity proof.
- Address proof.
- Proof of existence of business.
- ITR for last 2 years.
- Bank statement for a period of last 6 months.
- Why should I take PNB Business Loan?
Apart from having a wide reach in the country with a network of around 7000 branches, the bank offers loan at a rate of 12.65% and lowest per lakh EMI of Rs. 2257. You can consider takeover by PNB if you are paying a greater amount elsewhere.
- What is the processing fee for business loan in PNB?
The bank charges fee of 1.8% plus service tax.
- What are the eligibility criteria to avail PNB Business Loan?
Age of applicant as on availing the loan should be at least 21 years; however it should be less than 58 years at the time of loan maturity.
- At what rate prepayment charges are levied by the bank?
The bank does not levy any prepayment charges for prepayment of business loan.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Punjab National Bank.
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