Punjab National Bank (PNB) offers a variety of business loan products to meet the diverse needs of businesses. These loans can be used for a variety of purposes, such as expanding operations, purchasing equipment, or financing working capital.
PNB offers both term loans and working capital loans. Term loans are typically used for larger projects or investments, and they can be repaid over a period of several years. Working capital loans are typically used for short-term needs, such as covering payroll or purchasing inventory, and they are typically repaid within a year.
PNB Bank Business Loan Highlights
PNB offers a variety of business loan products that can meet the needs of most businesses. The bank’s competitive interest rates and flexible repayment options make it a good choice for businesses looking for a loan. Here are the highlights of PNB Business Loan:
| Loan Amount | ₹50,000 to ₹5 Crore based on the loan type |
| Purpose | Expanding operations, purchasing equipment, or financing working capital. |
| Loan Tenure | 12 Months (for working capital loans) 84 months (for term loans) |
PNB Bank Business Loan Interest Rates
The interest rates on PNB business loans also vary depending on the type of loan and the borrower’s credit history. However, in general, the interest rates on PNB business loans are competitive with those offered by other banks. Here are the interest rates and charges for PNB business loans:
| Interest Rate | 9.40% p.a. to 14.40% p.a. |
| Processing Fee | Up to 0.50% of the loan amount |
Note: Please note that the interest rates and processing fees are subject to change as per the market risks and the economic conditions. Please visit PNB Bank’s Website for current updates.
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PNB Business Loan Fees & Charges
Besides the processing fees, several other fees and charges may apply to your PNB business loan, depending on the specific loan type, your credit rating, and the terms you negotiate. Here’s a breakdown of some additional potential charges applicable for term loans and working capital loans of PNB bank:
| Applicable Charges | Description |
|---|---|
| Upfront Fee | Varies depending on loan amount and rating. Typically, it ranges from 1.00% to 1.50% of the loan amount. |
| Documentation Fee | Fixed fee, typically Rs. 5000 to Rs. 10000 depending on the loan amount and rating. |
| Inspection Charges | Applicable for some loan types, typically Rs. 1000 to Rs. 5000. |
PNB Bank Business Loans Eligibility Criteria
PNB business loans are designed to support self-employed individuals, proprietors, private limited companies, and partnership firms in the manufacturing, trading, and services sectors. To be eligible, applicants must meet specific criteria.
Here are the eligibility criteria for Punjab National Bank business loans:
- Minimum age requirement: Applicants must be at least 21 years old at the time of loan sanction and no older than 58 years at the time of loan maturity.
- Work experience: A minimum of 2 years of work experience is required. For self-employed individuals, there should be a minimum of 2 years of business continuity.
- Good CIBIL score: A good credit score is necessary to avail the loan at a lower interest rate.
Note: The eligibility criteria vary depending on the type of business loan.
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Documents Required for PNB Bank Business Loans
The application process for a Punjab National Bank business loan requires the submission of specific documents. These documents play a crucial role in the loan application process and are necessary to establish the applicant’s eligibility and financial standing.
- PAN card of the individual, company, or firm
- Copy of Aadhaar card/Passport/Voter’s ID/Driving License for identity and address proof
- Bank account details along with the past 6 months bank statements
- CA certified/audited balance sheet and the profit & loss statements of the last 2 years
- The latest duly audited ITR along with the computation of income
- Income tax return of the last 3 years, a valid trade license, sales tax certificate, shops and Establishments Act certification, etc., as proof of business continuation
- Other mandatory documents like a Declaration or certified copy of the partnership deed, certified true copy of memorandum & articles of association (certified by the director) & board resolution (original)
Types of Business Loans Offered By PNB Bank
Punjab National Bank offers a range of business loans to meet the diverse needs of entrepreneurs and enterprises. Each type of business loan is designed to address specific financial needs, providing vital support for the growth and development of businesses across different sectors. Here are the top business loans offered by PNB Bank:
| Loan Type | Purpose | Eligibility |
|---|---|---|
| PNB Green Ride | E-rickshaw purchase and employment creation | Individuals, transport operators, businesses |
| PNB Sanjeevani | Medical equipment purchase and clinic/hospital renovation | Doctors, medical practitioners |
| PNB Vanita | Women-owned businesses (manufacturing, trade, service) | Women entrepreneurs |
| PNB Professional Schemes | New venture or expansion (excluding medical & traders) | Professionals, individuals, partnerships, companies |
| Super Trade | Stock and book debt financing | MSME entrepreneurs with trading experience |
| MUDRA Loan under PMMY | Income generation in non-farm businesses | Individuals, SMEs, MSMEs, professionals, companies |
Other PNB MSME Loan Schemes
Here are the MSME loan schemes from PNB Bank:
- Credit Guarantee Scheme for Subordinate Debt (CGSSD)
- Guaranteed Emergency Credit Line (GECL) 1.0, 2.0, 3.0 & 4.0
- Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS) – Healthcare Sector
- Loan Guarantee Scheme for the Covid Affected Tourism Service Sector (LGSCATSS)
- MSME Prime Plus
- PM SVANIDHI
- PNB Artisan Credit Card
- PNB Business Express Scheme for Patanjali Ayurved Limited (PAL)
- PNB Compressed Bio Gas (CBG) under ‘SATAT’ Scheme
- PNB e-GODAM- Financing Against Electronic Negotiable Warehouse Receipts
- PNB Electronic Dealer Scheme for IOCL
- PNB e-Mudra (Shishu) Scheme
- PNB General Credit Card
- PNB GST Express Scheme
- PNB Gurukul
- PNB Jeevan Rakshak Scheme
- PNB Laghu Udyami Credit Card
- PNB Mahila Udyami
- PNB Professional
- PNB Sampatti Scheme
- PNB Sanjeevani
- PNB Satkaar
- PNB Shikhar Scheme
- PNB Standby Line of Credit
- PNB Tatkaal
- PNB Transport Loan
- PNB Weaver Mudra Card
- Resolution Framework 2.0 – Resolution of Covid-19 Related Stress of Micro, Small and Medium Enterprises (MSMEs)
Curious to know more? Learn more on GECL Loan, MSME Loan, CGTMSE Scheme & PMEGP Scheme from the linked pages.
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Features & Benefits of PNB Bank Financing
PNB Bank, one of India’s leading public sector banks, offers a wide range of financing options to its customers. These financing options are designed to meet the diverse needs of individuals and businesses and come with a host of features and benefits.
- Competitive interest rates: PNB Bank offers financing with competitive interest rates, which can result in lower borrowing costs for businesses compared to other lending options.
- Flexible repayment options: The bank provides flexible repayment options, allowing borrowers to customize their repayment schedules based on their cash flow and financial situation.
- Quick processing: PNB Bank ensures quick processing of financing applications, enabling businesses to access the funds they need in a timely manner.
- Customized solutions to meet specific business needs: PNB Bank offers customized financing solutions to meet the specific needs of individual businesses.
- Specialized loan schemes for sectors such as healthcare, tourism, and MSMEs: These schemes are provided to address the unique needs and challenges faced by businesses in these sectors, thereby contributing to their growth and development.
PNB Bank Business Loan Vs Other Lenders
When considering business loans, it’s essential to compare the offerings of different lenders to make an informed decision. Here is a comparison of PNB Bank business loan interest rates with those of other major lenders in India:
| Top Bank/NBFCs | Business Loan Interest Rates |
|---|---|
| PNB Bank | 9.40% p.a. to 14.40% p.a. |
| HDFC Bank | 10% – 22.50% p.a. |
| Axis Bank | 14.95% – 19.20% p.a. |
| Bajaj Finserv | 9.75% – 30% p.a. |
| Flexiloans | 1% per month onwards |
| HDB Financial Services Ltd. | Up to 36% p.a. |
| IDFC First Bank | 14% to 25% p.a. |
| Indifi | 1.50% per month onwards |
| Mcapital | 2% per month onwards |
| NeoGrowth Finance | 19% – 24% p.a. |
| Tata Capital | 12% p.a. onwards |
| UGRO Capital | 9% – 36% p.a. |
Note: The interest rates mentioned are subject to change. Do visit the official website for updated rates.
How to Apply for a PNB Bank Business Loan
To apply for a PNB Bank business loan online, you can follow these steps:
- Visit the official website of Punjab National Bank.
- Navigate to the business loans section or the loan application page.
- Fill out the online application form with accurate and complete information. Ensure that you provide all the required details and documentation as specified by the bank.
- Upload the necessary documents as per the bank’s guidelines. These may include business financial statements, identity proofs, address proofs, and any other documents required for the loan application.
- Submit the online application form and the uploaded documents through the bank’s secure online portal.
- After submission, the bank will review your online application and documents, and if everything is in order, they will proceed with the evaluation of your loan request.
- Upon approval, the bank will communicate the terms of the loan, and if accepted, they will disburse the loan amount as per the agreed terms and conditions.
Steps to Apply for Business Loan on Buddy Loan
Buddy Loan, a leading loan service provider, makes it easy to obtain personal and business loans from verified lenders. Follow the steps below to apply for a business loan through Buddy Loan:
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the business loan application page. Enter your mobile number and OTP.
- Step 3: Specify the desired loan amount and email. Next, choose the Business Loan option.
- Step 4: Choose if you have a Business Proof (Yes/ No)
- If ‘Yes’ (If you have a business proof), enter your business and personal details.
Or - If ‘No’ (If you do not have a business proof), choose the profession type and enter your personal details.
- If ‘Yes’ (If you have a business proof), enter your business and personal details.
- Step 5: Provide income details and Click the ‘Submit’ button.
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PNB Bank Business Loan Customer Care Number
PNB Bank offers several customer care numbers for its business loan customers, depending on your specific needs and location. Here are some options:
Toll-Free Numbers:
1800 1800/ 1800 2021/ 1800 180 2222/ 1800 103 2222: General customer care number for all banking services, including business loans.
Toll Numbers:
0120-2490000: General customer care number for all banking services, including business loans.
Missed Call Service: Dial 1800 180 2223 from your registered mobile number for account balance enquiry.
Email: care@pnb.co.in for general inquiries.
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