Easy way to apply for Punjab Bank Business Loan

Posted by Apoorv Chaudhary on October 22nd, 2021

One of India\'s oldest public sector banks, Punjab National Bank (PNB), provides business loans to startups, entrepreneurs, and self-employed professionals to help them meet their capital needs or develop their operations. PNB\'s business loan interest rate is determined by the applicant\'s profile and business needs, as well as the applicant\'s financial history, CIBIL score, and loan repayment history, among other factors.

Update: It has been declared that- United Bank of India and Oriental Bank of Commerce have merged with Punjab National Bank as of April 1, 2021.

Eligibility criteria of Punjab National Bank Business Loan

PNB offers a variety of loan products to its customers, hence the qualifying requirements differ from one scheme to the next.

Individuals, SMEs, MSMEs, business owners, women entrepreneurs, self-employed professionals, sole proprietors, partnership firms, public and private limited companies, and limited liability partnerships engaged solely in trading, services, or manufacturing are eligible to apply for a PNB Business Loan.

Documents required for Punjab National Bank Business Loan

Customers can choose from a variety of Business Loan Schemes offered by PNB. Each scheme has its own set of qualifying requirements and documentation requirements. The following documents are frequently requested as part of company financing applications:

Passport-sized pictures and a fully completed application form
Aadhaar Card, Voters Identity Card, Passport, and Driving License Business Incorporation Certificate Self-Drafted Business Plan Business PAN card Identity proof and Address proofs, including Aadhaar Card, Voters Identity Card, Passport, and Driving License
Bank statement over the last 12 months
The previous two years\' Balance sheet, profit and loss statement, ITR, and sales tax returns are all examples of financial statements.

Any other documents that the bank requires to submit to the bank.

Ways to apply for Punjab National Bank Business Loan?

A company loan can be applied for in one of two ways.

Online: Many banks, such as Punjab National Bank (PNB), have business loan applications available on their websites. The customer has to do is go to the website and click the Apply button. So, if you fill out the form with the requested information, and their application process will begin.

Visit a branch: To apply for a business loan, a person might go directly to a branch. You have the opportunity to negotiate acceptable loan conditions using this strategy. You will get a new application form will be provided, which must be filled out and sent along with the required documentation.

Conclusion

In the end, Punjab National Bank can help you to get an instant business loan while checking the interest rates, eligibility criteria, and repayment tenure. Also, you can check the process to apply for a business loan through Afinoz.com.

Like it? Share it!

About the Author

Apoorv Chaudhary
Joined: December 1st, 2020
Articles Posted: 12