Business loans provides you the access to capital which can be used for a business expansion or setting up a new business. Business loans help entrepreneurs grow by securing their finances and making them concentrate on the larger aspects of running a business.
Punjab National Bank (PNB) is a government owned bank that offers banking and financial solutions to over 80 million customers. Based in New Delhi, the bank is one of the largest banks in the country and has over six thousand branches and presence in several countries.
Punjab National Bank (PNB) has been awarded as the Best Public Sector Bank and has received a Golden Peacock Award for excellent corporate social responsibility. Punjab National Bank offers attractive loan offerings to its customers with a lot of flexibility and amazing customer service benefits.
Overview Of PNB Business Loan
Punjab National Bank (PNB) meets the requirements of small and large-scale businesses by extending credit to retail and wholesale businesses. PNB also grants a special business loan for upto one crore rupees to Small and Medium Enterprises (SMEs) that is a 100% collateral free scheme. Punjab National Bank allows a flexible tenure of 1 year to 5 years. Not only that PNB also offers loan balance transfer from other banks that are subject to individual eligibility criteria set by the bank.
Why Pick PNB Business Loan?
There are a lot of benefits to avail a PNB business loan that have been summarised here:
- PNB offers a lot of flexibility such as part prepayment of the business loan that can be made at any time without any prepayment charges levied to you.
- There is also no foreclosure charge even if you foreclose your entire PNB business loan amount in less than six months.
- The business loan service offered by Punjab National Bank can be availed at every branch.
- There are a lot of attractive offers and schemes offered to large company employees from time to time.
Features of PNB Business Loan
Punjab National Bank (PNB) offers business loans for almost 60-80% of the loan required by a business. Their interest rates are highly competitive and the loan tenure can be anywhere around five to seven years. There are no prepayment or part payment charges that a business is bound to pay if such an event arises. Punjab National Bank (PNB) also offers an extra top up on existing business loans from PNB as per the eligibility. The bank has one of the lowest EMIs in the business loan segment. The EMI starts from as low as Rs. 2,255 per lakhs.
Benefits of Applying PNB Business Loan on Letzbank
Letzbank lets you check your loan eligibility, make comparisons between different banks and also help you with the loan application process. Our Instant Quote feature helps you to get instant loan quotation from banks. Once you are ready to go ahead with the chosen loan that fits your budget and requirements, you also have the ability to apply for the loan using our online application. Our online application service is a hassle free way to avail a loan and all our services are absolutely free of charge.
Letzbank.com also offers its customers the ease of checking your credit score online in a matter of minutes. Using the Credit Score feature located under the Services tab, Letzbank customers can have direct access to their credit score information that is provided by Experian, a leading company for credit information for consumers. By checking your credit score information, you are able to have a stronger hold on your financial situation that helps you to be a better lender. It also minimizes the risk of any incorrect information that you can promptly correct to ensure your credit information is accurate and up to date.
Amongst other free services, Letzbank also assists you with the filing of your Income Tax Returns online. By partnering with clearTax, Letzbank helps its customers to fill their online applications for income tax returns free of charge! clear Tax makes it easier for you to file your returns and also helps you to reduce your income tax deductions. Authorized by the government of India, clearTax is one of the safest methods to file taxes and Letzbank helps you with this free service on their website.
Letzbank also offers the ability to store your application information and important documents in a safe and secure manner. By using Letzbank’s Document Locker feature, you can safely store your identity information and loan information online. This is a great feature to secure your documents electronically and is completely free of charge.
PNB Business Loan Eligibility
To be eligible for a Punjab National Bank (PNB) Business loan, you must meet the following factors:
- Age Criteria – The minimum age of the applicant must be atleast 21 years old. The maximum age limit is set at 58 years.
- Business establishment must be in a profit since the past one year.
- There is a minimum and maximum loan amount that is set by the bank. The minimum loan amount for the business loan is Rs. 50,000, while the maximum amount is Rs. 1,500,000.
PNB Business Loan Documentation Process
Punjab National Bank (PNB) business loan requires the following documents:
- Proof of address – You can provide any utility bill, copy of registry, rent agreement or a statement of bank account.
- Proof of identity –Driving License, valid Passport, PAN card, Aadhar Card, Voter Id card.
- Proof of business – Sales tax, excise tax, VAT or service registration copy, partnership deed copy, trade license, certificate of practice, certificate of registration that is issued by RBI, SEBI.
PNB Business Loan Interest Rates
Punjab National Bank (PNB) business loan interest rates fall anywhere in the range of 12.60% to 15.60%. However, depending on individual case and eligibility, the bank may offer attractive rates.