(Punjab National Bank) PNB Bank Business Loan offers business loans to start-ups, entrepreneurs, and self-employed individuals. They intend to meet the business’s capital needs or to expand operations.

The business loan interest rate offered by PNB is determined by the applicant’s profile and business requirements, as well as the applicant’s financial history, CIBIL score, loan repayment history, and other factors.

Punjab National Bank Business Loan Details

• Interest rate starts at 10.30%.
• Loan available for up to 5 crore.

What are the Advantages of a PNB Bank Business Loan?

PNB provides loans to self-employed professionals and business owners to help them fund business expansion or working capital requirements. There are certain perks to accepting a loan from PNB:

• First, you can prepay a portion of your loan at any time after paying a 1% prepayment fee.
• There are no prepayment charges for the PNB business loan.
• PNB offers its services in 6,352 locations across India.

What are the eligibility requirements for a PNB Business Loan?

• Eligible Entities: Individuals, SMEs, MSMEs, business owners, women entrepreneurs, self-employed professionals, sole proprietors, partnership firms, public and private limited companies, and limited liability partnerships operating solely in the trading, services, and manufacturing sectors are all eligible.
• Age: The borrower must be at least 21 years old at the time of loan acceptance and no older than 58 years at the time of maturity.
• Profitability and Revenue: PNB demands a minimum of 2 years of profit and a ₹0 business turnover.
• ITR and Banking: PNB will want your ITR details for a minimum of 0 months as well as a minimum of 0 months’ bank statements.
• CIBIL Score: PNB will review your repayment history for all current and previous loans and credit cards. To receive loan approval, the bank recommends that you maintain a credit score of 750 or higher.

What Documents Are Required for the PNB Business Loan Application?

PNB provides a diverse range of Business Loan Schemes to its customers. The following documents are typically requested under business financing schemes:

• Duly filled application form
• Passport-size pictures
• Required documents include a business plan/project report, a business PAN card, identity and address proofs (e.g., Aadhaar card, Voters Identity Card, passport, and driving license), and a business incorporation certificate.
• Last 12 months’ bank statement
• Last two years’ balance sheet, profit and loss statement, ITR, and sales tax returns
• Any additional documents required by the bank

As stated above, a business plan, also known as a project report, is an important document when requesting for a bank loan. The bank utilizes this document to assess the project’s overall feasibility, risks, financial viability, and potential. A well-written and convincing project report improves the likelihood of loan acceptance.