Punjab National Bank (PNB) is an Indian multinational bank that offers banking and financial services to its customers nationwide. Amongst the various services provided by the bank, PNB Mudra Loan is one of the primary products offered to MSMEs. The PNB Mudra loan is offered to Micro Small Medium Enterprises (MSMEs) engaged in non-farm based enterprises that are engaged in manufacturing, trading, or service sectors. Moreover, applicants in non-farm based activities, such as animal rearing, dairy can also avail PNB Mudra loan.
Click here to download the Application form for Mudra Loan offered by Union Bank of India
PNB Mudra Loan – Interest Rate & Features – 2021
|Interest Rate||9.60% onwards|
|Loan Amount||Min. is no limit and max. is up to Rs. 10.00 lakh|
|Tenure||Up to 5 years|
|Collateral / Security||Not required|
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank, NBFC and RBI. GST and service tax shall be levied extra on the mentioned charges.
PNB 1 year MCLR as on 1 JAN 2021 is 7.35%
Also Know – What is the interest rate for Mudra loan in SBI?
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PNB Mudra Loan – Eligibility
- Individuals, MSMEs, business owners, entrepreneurs, Private limited companies, Sole Proprietorships, Partnership Firm, Limited Liability Partnership (LLP) and Individuals are eligible for PNB Mudra Loan
- The business for which the loan is needed must be in income generating sectors in service, manufacturing or trading sectors
- Businesses in agriculture allied activities such as fish farming, agri-clinics, and so on are also eligible for PNB Mudra Loan
- Applicant should not have defaulted on payments with any financial institution
- Indian Citizen with no criminal background
PNB Mudra Loan – Categories
There are 3 financing options available under PNB Mudra Loan. The division is based on the growth level of the enterprise and the amount of loan required by the business. The maximum loan amount associated with the categories is:
|Mudra Loan Scheme||Amount|
|Shishu||Up to Rs. 50,000|
|Kishore||Between Rs. 50,000 & Rs. 5.00 lakh|
|Tarun||Between Rs. 5.00 lakh & Rs. 10.00 lakh|
- Shishu: In this scheme, the applicant is provided with a maximum amount of 50,000. It is best suited for budding entrepreneurs or startups enterprises
- Kishore: Through this scheme, the applicant can get a financial aid from 50,000 to Rs. 5 lakh. The bank will evaluate the credit history of the applicant and based on that will decide the rate of interest and repayment period. It is allocated to those business owners who have already started a new enterprise and seek further assistance for expansion
- Tarun: Through this scheme, the applicant may get up to Rs. 10 lakh. The bank will evaluate the credit history of the applicant and on that basis will set the rate of interest and repayment period
What is the repayment period in Mudra loan?
The repayment period is decided by the bank on the basis of loan amount asked for, business profile and so on. Still, customers can repay the Mudra loans within 5 years at maximum.
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Documents Required for Mudra Loan from PNB
The following documents are required in order to successfully apply for Punjab National Bank Mudra Loan:
Basic Documents required across Mudra schemes are:
|Identity Proof||Passport, PAN Card, Aadhaar Card, Voter’s ID Card, Driving Licence, Photo Credit Card, Central and State Govt. issued Photo ID Proof, Defence ID Card, etc.|
|Residence / Business Proof||Aadhaar Card, Ration Card, Passport, Bank Account Statement, Voter’s ID Card, Letter from any recognized public authority, Telephone Bill, Electricity Bill, Water Bill (not more than 3 months old), etc.|
- Applicant’s recent 2 passport-sized photographs
- Proof of the minority, if applicable
- Statement of account of last 6 months
- Quotation of machinery, to be purchased
Additional Documents required for Tarun and Kishore Schemes
- Unaudited balance sheets of the last 2 years
- Income tax and sales tax returns
- Projected balance sheet for the loan tenure
- Details of the sales achieved till the submission of application form
- Memorandum of Association (MOA), Articles of Association, & Partnership Deed, if any
- Invoices/Quotations of civil work required, assets to be purchased, etc.
- Asset and liability statement
The above list of documents is for indicative purposes only. The bank may seek additional documents, if required.
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PNB Mudra Loan Customer Care Number
|Toll-Free No.||1800 180 2222|
|Toll-Free No.||1800 103 2222|
FAQs on PNB Mudra Loan
Q. Who can apply for a PNB Mudra Loan?
Applicants for PNB Mudra Loan must be Indian citizens engaged in trading, manufacturing or service sector. The business must be categorized as Micro, Small, and Medium Enterprises (MSMEs). Moreover, enterprises in non-agricultural sectors, such as fish farming or beekeeping can also avail this loan.
Also Know: How to Apply for Pradhan Mantri Mudra Loan
Q. What is the rate of interest offered by PNB Mudra Loan?
Ans. PNB Mudra Loan is offered to MSME at an interest rate of 9.60% onwards.
Q. What is the maximum loan amount that PNB Mudra loan will disburse?
The maximum loan amount that applicant’s may get through PNB Mudra Loan is Rs. 10 lakh, whereas minimum loan amount has no limit.
Q. How can I get PSB Loans in 59 Minutes from PNB?
Ans. To avail PSB loans, you need to visit the official website of PSB Loans that is psbloansin59minutes.com and select the desired bank (PNB) and apply for loan online.
Q. How can I get a Mudra loan application form?
Ans. You can download Mudra loan application form online by visiting the official website or click here.
Q. What is the process and requirement of taking a Mudra loan from a bank?
Ans. To apply for Mudra loan applicants need to download the form online and visit the nearest bank branch to proceed with bank formalities.
Q. How do I complain if the bank manager is denying a mudra loan?
Ans. There may be chances that if the bank manager is denying the loan, you may not have cleared the eligibility criteria. If the manager denies then you can write an email to the RBI stating your concern.
Q. What should I do if a bank manager rejected my Mudra loan application?
Ans. You can reapply for the same loan from some other bank or NBFC.
Q. How long is the processing time for Loans under the MUDRA Scheme?
Ans. The processing time of Mudra loan is approximately 10-15 working days. However, it depends on the lender and varies from applicant to applicant.
Q. What are non-farm based agriculture activities and how does it relate to PNB Mudra Loan?
Ans. PNB Mudra Loans are not granted to meet the requirements of farm based agricultural needs. However, agriculture allied activities are covered under PNB Mudra Loan. These activities include but are not limited to:
- Fish farming
- Livestock rearing, grading, sorting, and aggregation
- Agribusiness centers
- Food & Agro-Processing, and so on
Q. Is there any subsidy provided under PMMY scheme under Mudra loan?
Ans. No, there is no subsidy for the loan offered by PMMY under Mudra loan.