PNB GST Express loan scheme: Get up to Rs 100 lakh for businesses; check eligibility, other details


 






Due to the outbreak of coronavirus pandemic business around the globe are facing challenges. In order to provide a helping hand to businesses in the country Punjab National Bank is providing PNB GST Express Loan Scheme.

Businesses around the world are facing challenges in today's times. With PNB GST Express get the confidence to face those challenges, PNB tweeted.

Here is all you need to know about the scheme:

1. Purpose/Objective

To provide hassle free credit to meet working capital requirements related to business activity or for expansion of business.

2. Eligibility

Business entities which are individuals, firms, companies, Limited Liability Partnership, co-operative societies, dealing in those business activities, which are not prohibited by law.

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.

Loan amount provided under this scheme is above Rs 10.00 Lakh to Rs 100.00 lakh.

4. Tenure of loan

The tenure of loan is one year. However, limit shall be renewed every year.

5. 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.

6. Collateral security

1. Mortgage of immovable property having realizable value of at least equivalent to 100% of the total exposure.

OR

Security in shape of NSCs/KVPs/ FDR/CDR (Accrued Value), LIP (Surrender Value) at least equivalent to 100% of total exposure.

2. Guarantee of owner of property shall be obtained invariably in case of security standing in the name of third party.

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

7. Rate of interest

Rate of interest shall be applicable to prospective borrowers in terms of matrix given vide IRMD LA Circulars issued from time to time. Servicing of interest shall be ensured on monthly basis.




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