Please Note: PNB is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
With Affect from 1 April 2021, United Bank of India and Oriental Bank of Commerce have been merged with Punjab National Bank.
Punjab National Bank (PNB), one of India’s oldest public sector banks, provides business loans to startups, entrepreneurs, as well as self-employed professionals with an aim to support their businesses’ capital requirements or to expand business operations. The business loan interest rate offered by PNB depends on the applicant’s profile and business requirements, along with applicant’s financial history, CIBIL score and loan repayment history, etc.
PNB Business Loan Eligibility Criteria
PNB offers a wide range of business loan schemes to its customers; therefore, the eligibility criteria applicable vary from one scheme to another.
Eligible Entities to avail PNB business loan: 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.
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Factors that affect PNB Business Loan Eligibility
- Ability to duly repay loan on time: The bank will check that the businessperson must have a legitimate source of income and can repay the dues on time
- Credit score of the company or owner in case of a new venture: The bank will check company’s repayment history for all prior loans taken. A good credit history will help in getting the loan easily
- Track record of the existing business: Bank will evaluate the past transactions and company’s growth to understand if the company needs extra funding and can repay the same in due time
- Business stability: PNB requires the financial track record of businesses to assess their stability. It will evaluate the growth in sales over the past few years. If the sale is not up to their standards, the loan will not be sanctioned
- Profitability and turnover: Bank will require profit details of past 2 years. An organization’s profitability and revenue play an important role in determining if a company can be given a loan or not
- ITR and Banking details: PNB will require income tax returns and banking details for an already existing company, prior to sanctioning the loan
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Documents Required for Loan Application
PNB offers a wide array of Business Loan Schemes to its customers. Each scheme has different eligibility criteria and documents requirement. The following set of documents are commonly required under the business loan schemes:
- Duly filled application form with Passport-sized photographs
- Self-drafted Business Plan
- 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
Note: As per the scheme’s eligibility criteria or for further information, the bank might ask for more supporting documents.