Punjab National Bank Business Loan

Features and Benefits of Punjab National Bank Business Loan

Given below are some of the features and benefits of Punjab National Bank Business Loan:

• You can check your eligibility instantly on the official website, and the loan amount is disbursed quickly in a matter of 3 to 4 days
• If the loan amount is not sanctioned, the upfront fee or processing fee paid at the time of loan application will be refunded
• Online loan applications for MSMEs get a 20% discount in terms of processing fee
• Punjab National Bank business loans have flexible tenures ranging from 12 months to 60 months
• There is a minimal documentation requirement to avail a Punjab National Bank business loan
• You can transfer any existing business loan to Punjab National Bank to lower your monthly payments and save on interest
• This loan does not require any collateral or guarantor for loan amounts up to Rs. 1 crore
• Minimal prepayment charges
• All loan amounts are covered under the umbrella of insurance in case of the death of the borrower. 
• Zero hidden costs

Punjab National Bank Business Loan Overview

Punjab National Bank Business Loan is one of the most sought-after loan offerings for various different business entities owing to the high disbursal amount, the simplified application process, nominal interest rates, and flexible loan tenures. These loans have low processing times and competitive terms and are tailor-made to suit the needs of each borrower. These loans are offered for various purposes, including business expansion, working capital requirements, hiring staff, purchasing machinery, and purchasing commercial property. In this piece, we will take a look at this business loan in detail.

Punjab National Bank offers business loans of amounts ranging from Rs. 5 lakhs to Rs. 15 lakhs. These loans are offered to both businesses and self-employed applicants. One can obtain this loan at interest rates starting at 12.60% per annum. This loan can be obtained for flexible loan tenures ranging from 12 months to 60 months. This is a fixed-interest rate loan, which means that the interest rate remains unchanged throughout the tenure of the loan. The borrower can easily repay the loan in easy monthly instalments via PDC, ECS, or auto-debit.

Punjab National Bank Business Loan Eligibility Criteria

Any applicant who is a citizen of India having substantial ability to repay the loan is eligible for a business loan from Punjab National Bank. Given below are some of the other parameters that an applicant must fulfil to obtain a business loan from Punjab National Bank:

• The minimum age of the applicant during loan application should not be less than 21 years old and not more than 58 years at loan maturity
• The minimum turnover of the business should be at least Rs. 25 lakhs
• The business should be in continuity for a minimum period of two years, in case of self-employed applicants, a minimum experience of two years is required in the field
• In addition to primary security, the loan can be obtained against collateral security or a Credit Guarantee Scheme
• Business must be generating a profit for the past 1 year
• The lenders usually require the applicant to have a credit score above 650.

Documents Required for Punjab National Bank Business Loan

Punjab National Bank offers a suite of business loan options to its customers. Every option has a different eligibility and documentation criteria. Given below are the common set of documents required for any of the business loan schemes:

• Duly filled loan application form along with passport-sized photographs
• PAN card for the business
• Address and Identity proof, such as Passport, Driver’s License, Voter ID card, Aadhaar Card, etc
• Certificate of Business Incorporation
• Bank statements from the last 12 months
• P & L statement, balance sheet, sales tax returns, and ITR from the previous two years
• Any other document as demanded by the lender

How is the EMI for a Business Loan Calculated?

Given below is the formula to calculate the EMI for a business loan from Punjab National Bank:

E= P*r*(1+r)n/(1+r)n-1

In this formula,

• E stands for the EMI amount
• P stands for the principal amount
• r stands for the applicable interest rate
• n stands for the tenure of the loan

How Does Punjab National Bank Business Loan Compare to Other Lenders?

The table given below shows how the business loan offered by Punjab National Bank compares to other loan offers in the market:

Punjab National Bank Business Loan Customer Care Number

In case you have any doubts or queries regarding a business loan from Punjab National Bank, you can get in touch with the bank using the following methods: