Punjab National Bank Business Loan
PNB business loans have become a popular choice for many business ventures due to their simplified documentation, flexible tenures, and lower interest rates. Punjab National Bank business loans are quick in processing, competitive, and customized to suit each of your business needs.Afinoz.com has an exclusive collaboration with PNB bank. So, applying for a PNB business loan with Afinoz.com makes the process of application and approval of loans from PNB much quicker and easier.
Interest Rates of PNB Business Loan
12.60% ( Up to 2 lakhs )*
15.60% ( Above 2 lakhs )*
1 to 5 Years
Up to Rs. 2 lakhs - NIL
Above Rs. 2 lakhs - Rs. 400 per lakh or part thereof
Subject to a minimum of Rs 1000 and a maximum of Rs.50000
No prepayment permitted until the repayment of 6 EMI’s
2% of the outstanding prepaid
No due certificate/ No Objection Certificate(NOC)
Rs. 150 per certificate
Charges for change in terms &conditions
0.02% of the loan amount (Minimum of Rs. 1000 And Maximum Rs. 5 lakhs)
Special Note:*Rates are subject to periodic change. Business loan interest rates in PNB Bank & other fees and charges are subject to regular review and can vary with each customer. PNB Bank business loan interest rates can differ depending on your creditworthiness & other factors. The final interest rate will be based on different criteria including the bank’s internal policies & applicable rates at the time of approval.
Punjab National Bank Business Loan Eligibility Criteria
Any individual who is an Indian citizen and has a residual income and the ability to repay a loan is eligible for PNB business loans. The other parameters that a loan seeker must satisfy in order to be eligible for getting a business loan for new business are mentioned below:
- Age of the borrower: Minimum age of the applicant at the time of applying for a business loan should be 21 years and no more than 58 years at the time of maturity of the loan.
- Turnover of the company or business should be at least 25 lakhs per annum.
- Work experience: Minimum of 2 years experience in the current field (in case of self-employed professionals) and minimum 2 years of business continuity.
- Security: Besides primary security, the loan may be secured by collateral security or any Credit Guarantee Scheme
- Business must be drawing a profit for the past 1 year.
- CIBIL score: Loan approval will be difficult if your CIBIL score is low. Usually, the loans that are approved have a score of 600-750. In some cases, if your credit score is low, but your business is doing good in recent times then your loan application might get approved and you might have to pay a high-interest rate and will be offered many unfavorable terms and conditions on your loan.
- Punjab National Bank business loan eligibility calculator: Using the business loan EMI calculator and business loan eligibility calculator at Afinoz.com you can easily calculate the exact amount of your monthly installment and your eligibility as per your potential.
Documents Required for PNB Business Loan
A business loan from Punjab National Bank requires the simplest form of documents which can be categorized broadly into two categories-Sole Proprietorship Firms and Private Ltd. Companies/ Partnership Firms:
- Documents for Sole Proprietorship Firms:
- ID Proof of the sole proprietor: (Any one of the following) Passport/ Voter Identity Card/ PAN Card/ Driving License/ Job Card/ Aadhaar Card/Identity Card (subject to the satisfaction of bank)
- Address Proof sole proprietor: (Any one of the following)Electricity Bill/ Telephone Bill/ Bank Account Statement of any other bank/ Letter from reputed employer/ Letter from recognized public authority verifying the address of the customer to the satisfaction of the bank/ Ration Card
- Bank Statements: Last 6 months business credit statement for loans below Rs. 10 lakhs, while last 12 months business credit in case of loans up to Rs.10 lakhs and above
- Copy of IT/ P & L balance sheet of the enterprise for the last 2 years (audited and certified by CA)
- Documents for Private Ltd. Companies and Partnership Firms:
- Proof of residence of all directors: Recent telephone bills, electricity bill, property tax receipt/Passport / Voter’s ID Card of Proprietor, partner or Director of the company
- Address proof of Business
- Last three years balance sheets of the unit along with income tax/sales tax returns (Applicable for all the loans from Rs. 2 lakh and above). However, for cases like fund based limits of Rs. 25 lakh if audited balance sheets are not available, then unaudited balance sheets are also acceptable as per instructions specified by the bank
- Memorandum and articles of association of the Company/Partnership Deed of partners
- Photocopy of VAT return (if applicable)
- Copy of SSI / MSME registration (if applicable)
- Rent Agreement (if business property is for rent) and clearance from pollution control board if applicable
- Assets and liabilities statement of promoters and guarantors along with latest income tax returns
- Photocopies of lease deeds/ title deeds of all the properties being offered as primary and collateral securities
- Profile of the unit including names of promoters, other directors in the company, the activity being undertaken, addresses of all offices and plants, shareholding pattern etc.
Features and Benefits of Punjab National Bank Business Loan
Punjab National Bank has attractive benefits from quick approval of loans, to attractive interest rates along with longer loan tenures. Quantum of business loans offered by Punjab National bank to customers depends on a lot of factors (profits generated by the business in the last 3 years, amount of tax paid and occurring in ITR filed over the past 2-3 years, credit history, etc.) including their requirements and repayment history. Here are some features and benefits of Punjab National bank business loan:
- Instant eligibility check and disbursal: You can check your eligibility for PNB business loan online within a minute through our website Afinoz.com. Loans are usually disbursed in 3 to 4 days of the approval based on your credit history and requirements.
- In case if the loan is not sanctioned then the processing fee or the upfront fee deposited by the enterprise at the time of the application of loan up to 5 lakhs, shall be repaid to the enterprise.
- For loan applications received online with respect to MSME (the Micro, Small and Medium Enterprises) class borrowers, 20% discount is given in terms of processing fee and the upfront fee.
- Flexible tenure: Punjab National bank allows a flexible period for loan repayment ranging from 1 to 5years.
- Easy documentation
- Transfer of loan balance: -You can enjoy lower EMIs by transferring your existing business loan to Punjab National Bank business loan and save on your interest payments.
- No collateral/security/guarantor for loans up to Rs. 1 crore to SME’s (Small and Medium Enterprises)
- Negligent pre-payment charges
- Punjab National Bank offers almost 60 to 80% of the total business loan required by an individual or an enterprise
- You can borrow PNB business loans of up to Rs. 2 crores or higher for business utilization
- Secured natural/accident cover: All of your loan amounts will be covered by insurance in case of death of the borrower. In these cases, the disbursed loan amount is evaluated to calculate the insurance premium.
- No hidden charges
- Existing PNB customers can avail special offers, attractive interest rates, and processing charges
- Complete transparency in loan processing
- Zero hidden charges
Afinoz is India's foremost online financial marketplace for availing of loans. Our main objective is to make the process of getting a loan convenient and hassle-free for individuals. We work with public and private banks, and NBFCs across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan by calling on 0120-411-0376 or by emailing at firstname.lastname@example.org. Afinoz.com provides solutions that are quick, reliable, transparent, confidential, and above all free.
Why should you apply for a Punjab National bank business loan through Afinoz?
Afinoz.com is India's leading personalized financial marketplace. We have created a business loan platform which lets you choose the best business loan that meets your requirements from the multiple options that are available to you.
- Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 business days.
- Real-time application tracking–Keep track of your application’s status in real-time with a unique transaction id which is generated at the time of loan application submission on our website. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
- Online eligibility check - Do all your dealings with the bank online. You have to provide your basic information and our online business loan eligibility calculator will let you know the amount of loan you are eligible to borrow from Punjab National bank for financing your business.
- Secure Environment - Afinoz.com has built-in security for your personal information which is stored in a secure environment on our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secured and scripted.
- 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to any bank, NBFC or financial institution to discuss the various terms and conditions.
- No third-party agent –Afinoz online loan application process is free of any unwanted expenses and delays. One can approach a bank online directly through Afinoz.com without approaching any agent.
- Free quotations – Get the best online deals on Punjab National bank business loans and free unbiased quotes on business loan interest rates. All you have to do is to select the loan amount you want to borrow and the tenure you want it for. You will get a targeted online quote within minutes of application.
How to apply for Punjab National bank business Loan on Afinoz?
Punjab National Bank has an exclusive tie-up with afinoz.com. If you are looking for a business loan then you can simply log on to Afinoz.com to check your business loan eligibility and apply for a loan.
Business owners can apply for a loan in Punjab National bank through Afinoz.com in the following three simple steps:
- Check your eligibility for the loan:-Firstly, you need to make sure you meet Punjab National bank’s business loan eligibility criteria on Afinoz.com. For that, you have to submit some basic details relating to you and your business such as the employment type, business turnover, city, mobile number, email id on our business loan eligibility page. Once you submit these details, our system intelligence then runs an algorithm and get's you a quick quotation on the best business loan options available to you immediately.
- Select the loan amount and tenure: - Once you meet the eligibility criteria, select the loan amount and tenure as per your eligibility and submit.
- Upload and submit documents:-In the next step, fill out the application form along with details of the KYC documents and submit your application for processing from Punjab National bank. The bank then verifies the applicant's information and starts processing the loan for disbursement.
At each step of the application process, Afinoz.com allows it's an applicant to keep track of the status of their application in real-time via SMS as well as through emails. Due to such simplified and fast processing, Afinoz.com has become a popular option for many business owners.
Ques. How much loan amount can I avail from Punjab National Bank?
You can avail a minimum amount of Rs. 2 lakhs to the maximum amount of Rs. 2 crores and above depending on your eligibility and your requirements.
Ques. What is the business loan interest rate range of Punjab National Bank?
PNB business loan interest rates today range from 12.60% to 15.60% for self-employed professionals and private/partnership firms.
Ques. How to find out the eligibility for PNB business loan?
Afinoz.com provides you with an EMI calculator called business loan eligibility calculator which you can use to determine your eligibility for your business loan application.
Ques. What is the minimum and maximum tenure of PNB business loan?
You can repay your business loan from PNB Bank in a period of 1 to 5 years.
Ques. What is the processing fee charged by PNB on a business loan?
A small processing fee of 1.8% of the loan amount is charged to the borrower.
Ques. Is it safe to share my personal data online on Afinoz.com?
Afinoz.com is a premier financial portal which does not share any of its client data with any third party other than the concerned financial institution. All data is sent online in an encrypted format making it safe and secured at all times.
Ques. How do I repay my Business loan from Punjab National Bank?
You repay your loan in equated monthly installments (EMI). You can either use post-dated cheques or you can choose to directly debit your EMI’s from your PNB Bank account.
Ques. How do I track my online loan application?
You will get a unique transaction ID when you first signup with business loan application on Afinoz.com. You can use this ID to track down your application on www.afinoz.com. In addition to the ID, we also send alerts via SMS and email to our customers on their registered mobile number and mail IDs informing them about the progress of their application in real-time.
Ques. What security do I need to provide to avail a Business loan?
No security or collateral is required while applying for business loans from PNB for an amount up to Rs. 10 lakhs.
Ques. How much time does it take to get the loan approved?
If all of your documents are up-to-date and you have by-passed all eligibility criteria, then you can expect to get the loan approved within 72 hours of loan application submission.
Ques. How many days does it take to get the loan disbursal done?
Punjab National Bank usually takes up to 7 business days for the disbursal of the first loan payment to your account.
Ques. Is there any special Punjab national bank business loan schemes for women to set up a business?
The Punjab national bank business loan offers PNB Vanita, to finance women business owners to generate income through business operations. Here, Punjab national bank loan for business, amounting to Rs 25000 is granted to set up new enterprises or units. No collaterals are required and preferences will be given to women in BPL/ST/SC segments. To avail this loan at attractive Punjab national bank business loan interest rates, the women should be indulged in small businesses related to trading, manufacturing or service.
Ques. I am a doctor. Can I get a Punjab national bank business loan to set up or expand my clinic?
Yes, you can. PNB Sanjeevani is one of the best Punjab national bank business loan schemes to finance professionally qualified doctors to set up/expand their clinics or to purchase medical types of equipment. Here, you can get a Punjab national bank loan for business, amounting to Rs 5 crore, but an equitable mortgage of immovable property is required as collateral for loans above Rs 20 lakhs. To be eligible for this Punjab national bank business loan, you need to be a registered practitioner with minimum qualification of MBBS/BDS/BUMS/BHMS/BAMS For any query about Punjab National Bank business loan application, you can log on to afinoz.com or give us a call at 0120-411-0376 or mail us at email@example.com.