Punjab National Bank or PNB is one of the leading public sector banks in India that provides various types of loans to customers. It offers personal loans, home loans, car loans, education loans, Business loans, etc.
Today we will discuss Punjab National Bank (PNB) Business loan in detail. If you are planning to start a business and need financial help, PNB can be a good option.
Before discussing the PNB Business loan, first, you must know about the Business loans in brief.
Contents
What is Business Loan?
It is a type of loan which is mainly intended for Business purposes like starting a small business, business expansion, maintaining small infrastructure, etc.
All types of businesses such as sole proprietorships, privately held companies, partnership firms, self-employed individuals, and retailers can get Business Loans. It is also called commercial loans.
A business loan is a type of loan that is used to fund business expenses — from paying staff salaries to purchasing inventory.
I guess we got pretty much an idea about the business loan. Let’s check out Punjab Business Loan features and benefits.
Features & Benefit of PNB Business Loan
- PNB Business loan is the same interest throughout its tenure.
- Simple documentation is required to avail business loan at Punjab National Bank.
- Customers can pay the loan in easy installments every month and repay it through auto debit or through Cheque or ECS (Electronic Clearing Service).
- You can pay your loan early by paying a prepayment fee of 1%.
- PNB has good brand value and trust across the country.
- Punjab National Bank has a strong network of around 7000 branches in the country which provides an easy access to get the loan.
- PNB Business loan starts from 12.60% depends on your financial health.
- It provides business loan from Rs. 50000 to Rs. 5 crore.
PNB Business Loan Eligibility & Requirements
- You must be minimum of 21 years and maximum of 58 years of age at the time of loan maturity.
- You must show a profit for a minimum of 2 years.
- You must have a good credit score i.e 750 or above to get business loan approval.
Documents Required for PNB Business Loan
- Application form
- Address Proof
- Identity Proof ( passport, driving license, Aaadhar card, voter ID)
- Business Registration certificate
- MSME enterprises having GST Registration No.(wherever applicable) & Udyog Aaadhar Number(desirable).
- Last 2 years Balance Sheet, P&L statement, ITR, and Sales Tax returns of your business
- Business Draft/Plan is required to produce to the bank
- Last one year Bank statement
NOTE: Bank may ask for other supportive documents for getting a Business loan depending on your profile.
Types of Business Loans Offered by PNB
There are various types of loans provided by Punjab National Bank. We will cover the most important loan and their details one by one.
PNB Tatkaal
| Specifications | Descriptions |
|---|---|
| Purpose of Tatkaal Loan | To provide hassle-free financial assistance related to business activity or expansion of business. |
| Eligibility | GST registered units that have filled GST returns at least for the last year. |
| Loan Limit | From Rs. 1 lakh to Rs. 25 lakhs |
| Tenure of the Loan | Up to 7 years |
| Security | If the loan is above Rs. 10 lakhs permission from the circle head is required as per MSME policy guidelines. |
| Rate of Interest | As per Bank Policy |
PNB Transport Loan Scheme
| Specifications | Descriptions |
|---|---|
| Purpose of Transport Loan | To purchase Autos, Taxies, E-rickshaws, Commercial Vehicles (LCV/MCV/HCV), Cargo Vehicles etc. any kind of energy which is permitted by State/ Local authorities etc. |
| Eligibility | Individual, Partnership, Sole Proprietorship, Private Ltd. / Public Ltd. companies/ Registered Transport Operators etc. |
| Loan Amount | For Term Loan: Max. up to Rs. 5.00 Crore For financing Used/ Second Hand Vehicles minimum purchase price of the vehicle should be Rs. 5.00 lakh |
| Tenure of Loan | Loans up to Rs. 2.00 lakh = Up to 36 months Loans above Rs. 2.00 lakh = Up to 60 months for new vehicles. In the case of used/second-hand vehicle, the maximum repayment period shall be 60 months from the 1st registration date of the vehicle i.e. (60 months minus age of the vehicle). |
| Collateral Security | Up to 10 lakhs No collateral security to be obtained. However, in such cases, the facility shall invariably be covered under CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) |
PNB Sanjeevani
| Specifications | Descriptions |
|---|---|
| Purpose of Sanjeevani Loan | For setting up of new/expansion/ renovation/ modernization of Nursing Home/ Clinic /Hospital / Veterinary Hospital / Medical Infrastructure including Pathological Laboratory, Diagnostic centers etc. To purchase medical equipment’s (including Vehicles, ambulances, and Implants) and office equipment’s, viz. computers, air conditioners, office furniture, etc. |
| Eligibility | Individuals (including Proprietorship firms) should have having minimum qualification as MBBS/ BDS(Dentist)/ BHMS/ BAMS/ Veterinary/ BPT/ BUMS from recognized University. Post Graduate or diploma qualification is mandatory for financing of specialized equipment like CT SCAN, MRI SCAN, PET Scan, etc. |
| Loan Amount | Maximum of Rs. 5 crores can be sanctioned under this scheme. |
| Collateral Security | No collateral is required if the value of the primary security in the shape of Land & Building mortgaged is more than 110% of the total exposure. |
| Loan Tenure | Repayment up to 10 years including moratorium period of maximum up to 24 months. |
PNB Mahila Udyami
| Specifications | Descriptions |
|---|---|
| Purpose of Mahila Udyami Loan | To empower and encourage women for income generation for activities either in manufacturing/ service/ trading/ small business etc. To finance for setting up new unit/enterprise or for expansion / modernization of the existing Unit. |
| Eligibility | Any individual women/ women entrepreneur (s)/ Enterprise where women entrepreneurs hold not less than 50% of financial holding. Preference will be given to women belonging to ST/SC/BPL Card Holders. Preference will be given to the categories of women entrepreneurs trained in R-SETIs/ Skill Development Institutions etc. any other training institute. Not a defaulter to any Bank / Financial Institution. |
| Loan Amount | The amount of the loan has been restricted up to Rs.1000000. |
| Loan Tenure | 3 to 5 years with a maximum moratorium period of 3- 6 months depending upon the type of activity and income generation. |
| Collateral Security | NIL, As It will be covered under CGTMSE for eligible activities. |
PNB Professional
| Specifications | Descriptions |
|---|---|
| Purpose of Professional Loan | For providing opportunities to professionally qualified persons to set up or enhance their practice/ business or taking up self-employment for providing services to the various entities. |
| Eligibility | Professionally qualified persons who have obtained the requisite degree/ diploma/ certification approved by UGC/ AICTE/ Central or State government/ approved certifying agency. Units/ Individuals must have a valid license to conduct such business professions by Municipal/Local Administration. |
| Loan Amount | The minimum amount is Rs. 1 lakh and the maximum is based on the requirement. Overdraft: Limit up to Rs. 25.00 lac Maximum Cumulative Exposure: Rs. 2.00 crore |
| Loan Tenure | Maximum repayment period up to 120 months including moratorium period of a maximum of 12 months from the date of the first disbursement. |
| Collateral Security | No collateral security is required wherever the land & building is available for Primary security to the Bank. |
Mudra Loans
| Specifications | Descriptions |
|---|---|
| Purpose of Mudra Loan | It was launched to bring informal sectors to the formal financial system, and extend affordable credit to them. |
| Loan Amount | Bank provides financial assistance up to Rs.10 lakh to non-farm enterprises for manufacturing, trading, and services activities, for income generation purposes. |
| Eligibility | Any individual, proprietary concern, partnership firm, company, an association of persons (AOP) / limited liability partnership (LLP) / etc., not a defaulter to any Bank / Financial Institution is eligible for Mudra loan. |
| Variants of Mudra Loan | Shishu = up to Rs. 50,000 Kishore = above Rs. 50,000 to Rs. 5 lakh Tarun = above Rs. 5 lakh to Rs. 10 lakh |
| Rate of Interest | The rate of interest applicable to the MSME units is in the range of RLLR 0.15% to RLLR +1.40% (subject to change, as per Govt /RBI guidelines) |
| List of Documents | Proof of identity i.e. Self-certified copy of Voter’s ID card / Driving License / PAN Card / Aadhaar Card / Passport / Photo Ids, issued by Govt. authority, etc. Proof of Residence i.e. recent telephone bill / Electricity bill / Property tax receipt / Voter’s ID card / Aadhaar Card / Passport of Individual / Proprietor / Partners, Certificate issued by Govt. Authority/Local Panchayat / Municipality etc. Applicant’s Recent Photograph (2 copies) not older than 6 months. Proof of SC/ST/OBC/Minority, if applicable. Proof of Identity / Address of the Business Enterprise, if available. Statement of Account from the existing Banker, for the last six months, if any. Quotation of Machinery / other items, to be purchased. |
| Mudra Loan Application Forms | Loan Application Form Hindi Loan Application Form English PMMY Loan Application Form |
PNB Gurukul
| Specifications | Descriptions |
|---|---|
| Gurukul Loan Purpose | For setting up of new, expansion, renovation, modernization of recognized educational Institutes i.e. Schools (including playschools), Colleges and other educational bodies, running education institutions having necessary affiliation. Construction of hostel, canteen, labs, etc. is also permissible under the scheme. To purchase equipment’s, Vehicles, Computer/Library books/ furniture /AC/ Lab equipment’s, etc. |
| Eligibility | Educational institutions, Schools (including playschools), Colleges, and other educational bodies running educational institutions set up by Firms, companies, Trusts, Society Private Ltd. Co./ Public Ltd. Co./ LLP, etc. (HUFs are not eligible). |
| Loan amount | The loan amount is based on the requirement. |
| Loan Tenure | Up to 10 years including a moratorium period of a maximum of up to 24 months. |
How to Apply for PNB Business Loan Online?
- Visit the official website of PNB Loan.
- Click on MSME Loan New Application from the list.
- On the next screen select the type of Loan you i.e MSME GENERAL, MSME MUDRA loan ,MSME STANDUP INDIA loan. Here we will Choose MSME General option.
- On the next screen you will see 4 parts of MSME General loan application. Part A, Part B and the Final part is mandatory to fill.
- Open Part A and choose the option if you are maintaing the account with the bank, fill the required details like name, email ID, Udyam Registration Number, Mobile Number etc. and click on the Save Part A button.
- After filling Part A, An application number will be generated on the screen. Note it down somewhere for future reference.
- Next, click on the Part B and fill the details like Loan amount your required, enter the details of the branch from where you want to take the loan and click on the Save Part B button.
- Part C is an optional. you can fill if you want otherwise you can skip it. click on Save Part C button without filling any information.
- Now open the Final Submit Part. just open and click on the Final Submit button. click on the OK button. your application will be submitted to the chosen branch. take a print out of the filled application by clicking on the print button.
- Submit this printed loan application along with the required documents to your local branch for further processing.
- This is how you can apply for a PNB business loan by sitting at your comfort zone.
List of Other MSME Loans Scheme Offered by PNB
- PNB COMPRESSED BIO GAS (CBG) UNDER ‘SATAT’ SCHEME
- PNB SHIKHAR SCHEME
- PNB ELECTRONIC DEALER SCHEME FOR IOCL
- PNB JEEVAN RAKSHAK SCHEME
- PM SVANIDHI
- GUARANTEED EMERGENCY CREDIT LINE (GECL) 1.0, 2.0, 3.0 & 4.0
- PNB STANDBY LINE OF CREDIT
- PNB WEAVER MUDRA CARD
- PNB SEVA
- PNB UDYOG
- PNB VYAPAAR
- PNB ARTISAN CREDIT CARD
- PNB LAGHU UDYAMI CREDIT CARD
- PNB GENERAL CREDIT CARD
- PNB SATKAAR
- PNB CONTRACTOR
- PNB GST EXPRESS
- PNB TATKAAL
- PNB ARHATIA
How PNB Business Loan Repayment Works?
The loan amount will be auto-debited from your bank account automatically via ECS (Electronic Clearing Service) as agreed. Just make sure that there is a sufficient amount in your bank account on the due date to avoid any extra fees or charges.
Punjab National Bank (PNB) Contact Details
PNB Customer Care Number (India) =
- 1800 180 2222 and 1800 103 2222 (Toll-Free)
- 0120-2303090 (tolled number)
PNB Customer Care Number (Outside India) =
- +91 120 2490000
PNB Email Address =
- care@pnb.co.in
Conclusion
In this article, we have discussed Punjab National Bank Business Loan Review | How to Apply for PNB Business Loan.
PNB offers various types of Business Loans for customers. You can get every type of Business loan as per your requirement.
Make sure to calculate all the charges and fees you have to pay along with any business loan. PNB has branches all over India which provides an easy way to avail of Business loans.
Read Also
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- Kotak Mahindra Bank Personal Loan Review | How to Apply for Kotak Bank Personal Loan
FAQs
1: How much business loan I can get from PNB?
The minimum loan amount offered by PNB is Rs. 25,000 and a maximum of Rs. 5 crores depending on the type of business.
2: Do I have to Put collateral to get a PNB business loan?
It depends on the type of business loan you are applying for.
3: Can I apply for a PNB business loan offline?
Yes, you can fill out the loan application form online and submit the form to the nearest branch or you can directly visit the branch and apply for the business loan.
