Punjab National Bank (PNB) known to be an ideal destination for all banking needs! PNB loan for business has been categorized into various schemes for self-employed professionals as well as non-professionals.
Punjab National Bank (PNB) Business Loan interest rates depend on a range of factors which includes nature of business, years of existence, annual turnover of business, CIBIL Score, promoter backgrounds etc. PNB business loan interest rate begins from @14.50% Onwards with additional benefits.
Features of PNB Business Loan -
- Simplified & minimum documentation
- Quick & hassle-free processing
- Flexible loan tenure
- Collateral-free loan
- Overdraft facility is available
PNB Business Loan Rate of Interest & Details 2021
|Interest Rate||14.50% onwards|
|Loan Amount||Max Loan up to Rs.15 Lakhs|
|Repayment Period||12 months – 60 months|
Compare PNB Business Loan Interest Rate with Top Banks
|Bank Name||Interest Rate|
|HDFC Bank Business Loan||16.00% Onwards|
|SBI Business Loan||11.20% Onwards|
|RBL Bank||19.00% Onwards|
|Lending Kart||18.00% Onwards|
|ICICI Bank||18.00% Onwards|
|Yes Bank||17.00% Onwards|
|Axis Bank||18.00% Onwards|
|Kotak Business loan||16.00% Onwards|
|Tata Capital Finance||17.00% Onwards|
|PNB Business Loan||14.50% Onwards|
|Bank of Baroda||Based on Applicant’s Profile|
Also Read:-Business Loan for Startup
Factors affecting PNB Business Loan Interest Rate
It has several factors that affect PNB business loan as mentioned in following: -
CIBIL Score: - PNB business loan interest rate is determined on borrowers CIBIL score, if the CIBIL score range is below 700 chances of getting loan at low interest will be lowered & a higher interest rate will be applicable while if the score is above 750, lowest interest rate offered by Punjab National Bank (PNB).
Business Stability: - PNB Bank offer low-interest rate in case if your business has sufficient revenue stability otherwise due to the high risk in default the rates will be higher.
Business Age: - Business age is one of the most significant factor considered on calculating interest rate. Generally, if you are a start-up most likely there won’t be any past financial records, therefore interest rate will be higher if suppose you have more than 3 years of business existence then probably the chances of default reduced & lowest interest rate offered by PNB.
PNB Business Loan Products 2021
PNB loan for business has designed varied types of customized loan products to its customers. Some of the most popular products are listed below: -
- PNB Green Ride scheme aims to financially support transport operator such as E-rickshaws
- It helps to generate self-employment for micro borrowers
- For new E-rickshaw maximum loan up to 85% of invoice cost or 80% on road price granted
- Margin between 15% to 20% of invoice cost needs to be covered on own
- Maximum 33 installments provided to pay advance along with interest
- Avail loan up to Rs.10 Lakhs - No collateral & third-party guarantee required as these loans are covered under Credit Guarantee Scheme CGTMSE
Who are eligible?
- An individual, transport operator, partnership firm, sole proprietor, private ltd companies & public limited companies
- Borrowers must have valid driving licenses & E-rickshaw for carrying passengers or goods on hire are eligible to avail credit
PNB Sanjeevani Scheme
- This type of scheme is obtained to setup/renovate/expand of hospital/clinic/nursing home/diagnostic centres & other medical equipments etc.
- Under PNB Sanjeevani Scheme 3 types of facility offering overdraft maximum up to Rs.2 Crores, term loan, non-fund based(LC/BG)Letter of Credit & Bank Guarantee
- If applying online, borrowers can avail 20% discount in processing fee
- Under this scheme, repayment period offered up to 10 years including moratorium period of maximum of 24 months
- Individual with 2 or less than 2 years experience will be sanctioned overdraft limit up to Rs.1 Crores
Who are eligible?
- Borrowers must have minimum qualification of MBBS/BAMS/BHMS/BPT/BUMS/BDS(Dentist) from a recognized university
- Apart from individual, partnership firms/LLPs/private limited companies/trust and societies are eligible to apply
PNB Professional Scheme
- This scheme aims to provide financial support for professionals to set up, enhance practice & expand their business
- Minimum offering in Term loan & cash credit limit is Rs.1 Lakh & maximum depend on case-to-case basis.
- Overdraft facility offered amount up to Rs.25 Crores
- In term loan repayment maximum tenure period goes up to 120 months including moratorium period of 6 months.
Who are eligible?
- Professionally qualified from any reorganized university
- Individuals/Units must have valid licenses to run businesses
- Individuals,LLPs,partnership firm,associations,private limited companies & public limited companies
- Cash credit facility offered under Super Trade PNB product
- Loan amount ranging from Rs.10 Lakhs to Rs.5 Crores
- At least 2 years of financial records required by borrowers
Who are eligible?
- MSME sector engaged in trading are eligible to apply
- Finance stock & book debt will be taken as primary security
5.MUDRA Loan under PMMY
- This type of loan scheme offer amount up to Rs.10 lakhs
- Under MUDRA Loan interest rate begins from 7.30% Onwards
- It offers collateral-free loans, therefore no requirement of security
- To increase revenue in trading, manufacturing & services united MUDRA loan offer credit facility to non-farm enterprises
Who are eligible?
- Individual, SME, MSME, LLP, Private Limited/Public Limited Companies
- The enterprises must be a non-farm/profit unit engaged in trading, manufacturing & services activities
Also Read:-SBI Business Loan
Other charges by PNB Bank Business Loan
Apart from Interest rates, there are few other charges levied by PNB it includes the followings:
|Processing Fee||Up to 2% on loan amount plus taxes as applicable|
|Cheque Dishonour Charges||Rs.500 plus taxes as applicable|
|Penal Interest||Up to 2% on overdue instalment amount plus taxes as applicable|
PNB Business Loan Calculator
PNB business loan calculator helps to estimate borrowers eligibility on loans. To estimate loan eligibility various factors are evaluated such as applicant age, required loan amount, loan tenure & income stability.
PNB Bank Business Loan Eligibility Criteria
To avail PNB business loan, ensure your business profile meet following requirements as given below: -
- Applicant age group should fall between 21 – 65 years at the time of loan maturity
- Minimum 3 years of business continuity required for business
- At least 2 years of profitability required to shown in business
- Last 6 months bank statement
- CIBIL score required to be above 750
Documents Required for PNB Bank Business Loan
Certain documents required to process borrowers application which are listed below: -
- Duly filled application form with 2 passport sized photographs
- Proof of Identity: - Aadhar Card/ Pan Card or Voter ID
- Residence Proof: - Utility Bill/ Aadhar Card/ Passport/ Driving License or Bank Statement
- Business proof: -Copy of PAN Card/ partnership deed/incorporation certificate/establishment certificate
- Latest 1 year bank statement
- Last 2 year balance sheet, profit & loss statement
- Last 2-year (ITR) income tax returns
How to Apply PNB Business Loan Online via Financeseva?
To avail PNB business loan via Financeseva, you are required to follow few simple steps: -
- Financeseva offers you to compare Kotak business loan with other banks at single platform.
- Get a detailed comparison of business loan schemes, benefits, interest rates, EMI calculator offered by banks.
- Click on Get Quote & fill required details to submit the form, shortly concern representative will get in touch with you for further formalities.
Also Read:-SBI Loan Against Property
PNB Business Loan FAQs
What are the list of corporate loan schemes offered by PNB?
PNB business loan offers varies types of corporate loan schemes as listed below: -
- PNB SHIKHAR SCHEME
- PNB ELECTRONIC DEALER SCHEME FOR IOCL
- PNB JEEVAN RAKSHAK SCHEME
- PM SVANIDHI
- GUARANTEED EMERGENCY CREDIT LINE (GECL)
- PNB COMPRESSED BIO GAS (CBG) UNDER ‘SATAT’ SCHEME
- PNB STANDBY LINE OF CREDIT
- PNB e-GODAM- FINANCING AGAINST ELECTRONIC NRGOTIABLE WAREHOUSE RECEIPTS
- PNB WEAVER MUDRA CARD
- PNB MAHILA UDYAMI
- PNB SEVA
- PNB UDYOG
- PNB VYAPAAR
- PNB SANJEEVANI
- PNB ARTISAN CREDIT CARD
- PNB LAGHU UDYAMI CREDIT CARD
- PNB TRANSPORT LOAN
- PNB GENERAL CREDIT CARD
- PNB PROFESSIONAL
- PNB SATKAAR
- PNB GURUKUL
- PNB CONTRACTOR
- PNB GST EXPRESS
- PNB TATKAAL
- PNB ARHATIA
What is PNB business loan Interest rate?
Usually, PNB business loan interest rate begins from 14.50% per annum.
How to get PNB statement online?
Follow the below steps to get PNB Bank statement online: -
Step 1: - Login to PNB Net Banking Portal
Step 2: - Click continue to login & enter Customer ID along with Password
Step 3: - If you have forgot the password, you can simply click on forget password to generate new one instantly.
Step 4: - It will allow you to get statement up to last 4 years.
Step 5: - Click on view statement & download the same. Register to receive statement on your registered mail ID.
How much processing fee charged by PNB business loan?
PNB Bank charges nominal processing fee up to 2% on loan amount plus taxes as applicable.
How to use PNB business loan calculator?
You will be asked to fill details which includes years of business continuity, working capital takeover requirement, annual turnover, net profit & capital, existing other loan details altogether used to calculate & estimate the eligible limit offered by PNB Bank.
Is there any penal interest imposed by PNB bank business loan?
Yes, generally a 2% of penal interest charged on amount of overdue instalment.
What is the maximum loan amount offered by PNB bank?
PNB Bank offers business loan maximum loan amount up to 15 Lakhs.
Does PNB offer working capital loan?
Yes, working capital loan offered by PNB Bank to meet day-to-day operational expenses.
Can I get business loan without collateral in PNB Bank?
Yes, PNB Bank business loan offers collateral free loan, borrowers can avail loan without collateral/security.
What is the maximum repayment period in PNB loan for business?
PNB offer business loan for a maximum tenure period up to 60 months
How to check PNB Bank business loan status online?
To check PNB Bank business loan status online, follow the few steps as below given: -
- Applicant have to visit PNB Bank official website
- Click on loans category & select your applied loan product
- Scroll down to click useful link- In dropdown tap on Track Application
- You will be asked to enter application ID which would be generated while applying for loan, enter your registered mobile number along with input Captcha to know your application status.
PNB Business Loan Customer Care Number
For any queries, complaints and feedback regarding the loan, the bank has offered 24/7 customer service.
Toll-free Numbers: 1800-180-2222 and 1800-103-2222
Tolled Number: 0120-2490000
Landline Number: 011-28044907
Email ID: email@example.com
Apply Now:-Home Loan