PNB Loan: Want a quick working capital loan? Know about this offer

PNB Loan: If you are having a working capital requirement and are looking for a quick loan, you would surely, like to know about this offering by Punjab National Bank (PNB). India’s second largest public sector bank has come out with a loan scheme called the ‘PNB GST Express Loan Scheme’ to help businesses meet their immediate cash requirements. Check this loan facility to see if it suits you.

Purpose of this loan: PNB is offering ‘PNB GST Express Loan Scheme’ to businesses who are in need of immediate money requirements. The bank claims that the process is hassle free and fast. The loan is being given to businesses in all geographies in the country.

Eligibility:      

1) The loan scheme is being extended to the business entities which are individuals, firms, companies, Limited Liability Partnership (LLP).
2) Co-operative societies dealing in any business activity can avail of this loan. The loans will be extended to businesses involved in activities not prohibited by law.
3) GST registered units which have filed GST returns at least for the last six months. Branch/ Cluster needs to ensure online verification of GST return submitted by the customer for its authenticity.

Feature of PNB GST Express Loan Scheme: The type of loan facility is ‘Cash credit’. The businesses can apply for loans between Rs 10 lakh and 100 lakh. The term of the loan is one year. The bank reserves the right to review the tenure every year.

Primary Security: Hypothecation of assets created out of the Bank finance along with entire current assets and non-current assets (Present & Future) of the Unit shall be ensured.

Collateral Security:

1) Mortgage of immovable property having realizable value of at least equivalent to 100 per cent of the total exposure. OR Security in shape of NSCs/KVPs/ FDR/CDR (Accrued Value), LIP (Surrender Value) at least equivalent to 100 per cent of total exposure.
2) Guarantee of owner of property shall be obtained invariably in case of security standing in the name of third party.

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 3) No loans under this scheme shall be sanctioned under any Credit Guarantee schemes.