PNB offers loans for MSMEs under Seva Scheme - Know important details

PNB MSME Loan: The Punjab National Bank (PNB) has recently informed about the PNB Seva Scheme which can aid one to grow their businesses. In case of any doubt and query, the interested individuals can login to the official website of PNB at pnbindia.in for more details of this loan scheme for the MSMEs.

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The PNB has recently tweeted from its official Twitter handle, "Give us a chance to serve you and we will help you grow your business. For more information, visit: tinyurl.com/jsf2njj7. Let’s take integrity pledge at: https://tinyurl.com/9uxx5umb. #VigilanceAwarenessWeek #OwnYourDream."

Give us a chance to serve you and we will help you grow your business. For more information, visit: https://t.co/wyw6I0phCS

Let’s take integrity pledge at: https://t.co/qKw80eYfL3 #VigilanceAwarenessWeek #OwnYourDream@CVCIndia pic.twitter.com/9AvRGlPwWA

— Punjab National Bank (@pnbindia) October 29, 2021

Purposes: Now, the interested people must be aware of the PNB Seva Scheme. There are mainly two purposes of the scheme. They are as follows:

1) Working Capital - In order to meet the working capital requirement

2) Term Loan - For acquiring fixed assets like land, office/workplace building, equipments and infrastructure (by new enterprises). Also, in case of existing units, expansion of existing offices/workplace and renovation/ modernisation with a view to improving the quality or reducing service cost, creating additional infrastructure facilities, like setting up of Research & Development Centres / Testing Laboratories, purchase of vehicle (other than the vehicles meant for personal use) which are required exclusively for rendering service and marketing needs of the unit.

Who can apply?: The eligibility for PNB Seva Scheme include Individuals / Partnership / Limited Liability Partnership (LLP) / Private Ltd. Co. / Public Ltd. Co/Trust/ Societies and Co-operative Societies (registered and incorporated under applicable law) and are eligible to be categorized as MSME(s) as defined in the MSMED Act 2006.Also, the  MSME enterprises having GST registration number (wherever applicable) and Udyog Aadhar Number.

Facilities: The facilities of this loan are:

a) Working capital (CC/ OD as applicable)

b) Term Loan to acquire fixed assets / equipment for general business purposes

c) Non fund based limit

Loan Limit: The interested people must note that the loan is granted on need-based financing.

Tenure: It must be noted that the repayment period shall be maximum seven years for term Loan. However, extension of repayment may be allowed by next higher authority on the merit of the proposal. In case of Working Capital limits validity of the sanction will be one year.

Interest Rate: The rate of interest is as per the ROI available for the MSME loans.

In case of further details, the interested people can login to the official website of PNB at pnbindia.in.