PNB Business Loan Jan 2022

PNB offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan PNB.

Key Features of PNB Business Loans

• Purpose of Loan: You can avail PNB business loan to expand or modernise your business, purchase assets, set up new units etc.
• Loan available for self employed professionals and non-professionals.
• Borrowers within the age group of 21 and 58 years can avail PNB business loan.
• Security: Both Secured & Unsecured
• Loan Tenure can range from 12 to 60 years.
• PNB business loan interest rates are in the range of 12.65% to 15.65%.
• PNB Bank business loan EMI per lakh starts from ₹ 2,257.
• Processing Fee: 1.8% + taxes
• Special schemes: Some of the special business loan offers of PNB are:
• PNB Vanita
• PNB Green Ride
• PNB Sanjeevani
• Super Trade
• PNB Professional Scheme
• Mudra Loans

There are multiple factors on which PNB calculates your interest rate. Some of these factors are -

Currently, the lowest business loan rate offered by PNB starts at 12.65%. There has been no change in the lowest interest rate of PNB business loan interest rate for a long time and the interest rate continues to be in the range of 12.65% to 15.65%.

Last Updated Date	Interest Rates
09 Jun, 2021	12.65%
31 Mar, 2021	12.65%
25 Mar, 2021	12.65%

To avail PNB business loan, you need to fulfill the eligibility criteria as mentioned below:

• Age : PNB offers business loan to those who are at least 21 years old at the time of loan approval and maximum 58 years at the time of loan maturity.
• Loan Amount : Based on the loan amount eligibility, PNB gives you loan amount ranging from ₹ 50,000 to ₹ 15 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
• Profitability and Revenue : PNB requires profit for minimum 2 years and minimum business turnover of ₹ 0.
• Business Stability : PNB requires a minimum business track record of 12 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get a loan.
• ITR and Banking : PNB gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 12 months & 12 months respectively.
• 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.

PNB offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

• Get finance up to ₹ 25,000 to setup new unit or enterprise
• Preference will be given to ST/ SC/ BPL segment

• Loan that helps the borrower to save the total interest payable on the home loan.
• Attractive and affordable interest rates.
• Pay your home loan with Nil prepayment charges. Easy processing of loan.
• Get up to 85 percent finance of cost of the product
• Flexible repayment period up to 33 months

• Get maximum loan up to ₹ 5 crores
• Overdraft facility available for loan amount above ₹ 1 crore
• 20 percent discount on processing fee for online loan application cases

• Get cash credit facility
• High loan amount of ₹ 5 crore

• Loan repayment up to a maximum period of 7 years
• Overdraft facility for service providers and cash credit facility for manufacturers

• Get maximum loan up to ₹ 10 lakhs
• Activities allied to Agriculture excluding crop loan and land improvement loan are eligible for this loan

In addition to interest rates, business loan also carry some other charges which include:

• Foreclosure Charges : These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. PNB allows prepayment of loan after paying 0 EMI’s with prepayment charges - Nil prepayment charges
• Processing Fee : PNB asks for a processing fee of 1.8% + taxes with applicable service tax

To apply for PNB business loan, you need to submit the following documents:

• Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
• Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
• Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
• Copy of Income Tax PAN for 24 months
• Bank statement of last 6 months

You can calculate your eligibility for PNB business loan using an online PNB business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

• In order to get the best offers on a business loan and compare PNB business loans with other banks, you can apply online through MyLoanCare here.  
• MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  PNB.
• Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

✅Why to take business loan from PNB?

PNB is one of the largest Public Sector Bank sector banks in the country that provides lowest business loans starting at 12.65%. The bank also charges a low processing fee starting from 1.8% + taxes. Along with that, the bank also offers special business loan schemes such as PNB Vanita, PNB Green Ride & PNB Sanjeevani etc.

✅Has PNB reduced the business loan interest rate?

Currently, the lowest business loan rate offered by PNB starts at 12.65%. There has been no change in the lowest interest rate of PNB business loan interest rate for a long time and the interest rate continues to be in the range of 12.65% to 15.65%.

✅What is the interest charged on PNB business loan?

PNB offers business loans at attractive rates ranging from 12.65% to 15.65%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

✅What is the lowest EMI per lakh on business loan from PNB?

If you apply for loan from PNB, your lowest EMI per lakh will be ₹ 2,257.You can calculate your EMI on business loan for different tenures at min business rate starting at 12.65% using MyLoanCare business loan EMI calculator.

✅What is the minimum and maximum tenure of business loan in PNB?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 60 months.

✅How much business loan amount I can borrow from PNB?

PNB offers you business loan for loan amount ranging from ₹ 50,000 to a maximum amount of ₹ 15 Lakh. Loan amount eligibility in PNB further depends upon your income, and repayment capability.

✅What is the processing fee charged by PNB on business loan?

PNB charges a processing fee 1.8% + taxes with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

✅Is age an eligibility factor to get loan for business from PNB?

Yes, age is an important eligibility factor to get a business loan as you should be at least 21 years old at loan approval time and 58 years old at loan maturity time.

✅What are the prepayment charges on business loan from PNB?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by PNB is Nil prepayment charges.

✅What are the business products offered by PNB?

PNB offers various business products for self-employed professionals and non-professionals. These are listed below:

• PNB Vanita
• PNB Green Ride
• PNB Sanjeevani
• Super Trade
• PNB Professional Scheme
• Mudra Loans

✅What is the time period of repayment of business loans in PNB?

PNB provides business loans for a maximum tenure of 60 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.

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