PNB Business Loan

Punjab National Bank (PNB), provides business loans to startups, entrepreneurs, as well as self-employed professionals. They intend to support the business capital requirements or to expand business operations.

The business loan interest rate given by PNB depends on the applicant’s profile and business requirements, along with the applicant’s financial history, CIBIL score, loan repayment history, etc.

What are the Benefits of a PNB business loan?

PNB offers loans to self-employed professionals and businessmen for funding the expansion or working capital requirements of their businesses. There are also some benefits of taking a loan from PNB:

• Firstly, you can prepay part of your loan anytime after paying 1 % prepayment charges
• There are no prepayment charges for PNB business loan
• You can avail of PNB services across 6,352 branches in India 

What are the Eligibility Criteria 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 who are engaged only in trading, services, and manufacturing sectors.
• Age: Minimum at least 21 years old at the time of loan approval and a maximum of 58 years at the time of loan maturity.
• Profitability and Revenue:  PNB requires profit for a minimum of 2 years and a minimum business turnover of ₹ 0.
• ITR and Banking:  Your ITR details for a minimum of 0 months and bank statement for a minimum of 0 months will be required by PNB.
• CIBIL Score: PNB will check your repayment history for all current and past loans and credit cards. The bank advises you to maintain a score of 750 and above to get loan approval.

What are the Documents Required for the PNB Business Loan Application

PNB offers a wide array of Business Loan Schemes to its customers. The following set of documents are commonly required under the business loan schemes:

• Duly filled application form 
• Passport-sized photographs
• Business Plan/Project Report
• Business PAN card
• Identity proof and Address proofs, including Aadhaar Card, Voters Identity Card, Passport and Driving License
• Business Incorporation Certificate
• Last 12 months’ bank statement
• Last 2 years’ Balance Sheet, P&L statement, ITR, and Sales Tax returns
• Any other document required by the bank

From the above, a Business plan also known as a project report is a crucial document when applying for a bank loan. The bank uses this document to analyze the overall feasibility, risks, financial viability, and potential of a project. A well-crafted and convincing project report increases the chances of loan approval. With Finline you can craft a compelling project report in less than 10 minutes. That too in your language. Also, our reports are accepted by all public and private sector banks working in India. Click to create your project report.

Now nothing is stopping you from starting your dream business. Begin your journey with Finline right away!