pnb-business-loan

a. Age: For all the borrowers – 21-58 years

b. Credit score: 750 or higher

c. Employment Type: Self-employed individuals

Private Limited Company

Proprietors,

Partnership Firms providing services or involved in trading/manufacturing business

d. Minimum net income (monthly): N/A*

e. Work experience: For salaried- None required*

For self-employed- None required*

All the applicants are required to submit the below-listed documents with Punjab National Bank -

• Filled up Punjab National Bank business loan application form
• Recent Photographs
• Certified/Audited ITR of previous 2 years
• Proof of Identity Proof
• Proof of Residency
• Proof of Signature Authenticity
• PAN Card
• Bank statement of the previous 180 days
• Business Continuity Proof
• Sole Proprietorship Declaration
• Certified Partnership Deed Copy
• Certified Memorandum & Articles of Association Copy (with Director’s certification)
• Original Board resolution

Identity Proof (for all borrowers)

● Driving License

 ● Aadhar Card

● Valid Passport

● Voter ID

Proof of Residential Address (for all borrowers)

● Aadhaar Card

● Passport

● Voter's ID Card

● Driving License

● Bank Statement

● Electricity Bill

● Telephone Bill

● Registered Sale Agreement or Lease Deed

Proof of Business Continuity (for all borrowers)

● IT Returns

● Establishment certificate

● Trade License

● Sales Tax Certificate

The loan verification proceeds in the following stages:

1. Download the Punjab National Bank business loan application form on your system from the
official site. Fill in all the details and upload them on the website. Attach copies of
all the important documents required to complete the application process. You may also
apply for Punjab National Bank business loan through Apnapaisa.com.

2. One of the bank's customer care team members will get back to you within 2-3 days of
application submission to confirm the receipt.

3. The application is verified by Punjab National Bank officials. The details added in the
application form and matched with the submitted documents.

4. After approval of a business loan application, the net amount value is disbursed to the
borrower’s account, and a duly signed business loan agreement copy will be given to you.
Keep this document safe for future reference as it will include crucial details like
loan interest rate, loan amount, tenure, charges, etc.

There are two types of reference interest rate systems for RBL Bank’s business loan -

• Diminishing Interest Rate– In this case, the EMI for a business loan is calculated on both the Principal amount and Interest. However, the EMI value is comparatively lower as the rate of interest is calculated on the remaining value of the principal amount.
• Flat Interest Rate – Interest is calculated on the original borrowed amount. The EMI for all the months remains the same, and the amount of interest is comparatively higher.