PNB Update: PNB is giving 10 lakh to 1 crore to start business..

PNB GST Express Loan Scheme: Punjab National Bank (PNB), the country's second-largest government bank, has brought a special loan scheme to help businessmen. Under this scheme, you can take a loan from Rs 10 lakh to Rs 1 crore for your business needs. In the festive season, businessmen need co-capital. Given this, the bank has introduced the PNB GST Express Loan scheme. The bank has given this information by tweeting.

PNB said in its tweet, why not celebrate this Diwali with happiness? Choose the GST Express plan to achieve your goals! The bank is offering the 'PNB GST Express Loan Scheme' to those businessmen who are in urgent need of funds.

Who can take a loan?
Business Entities including Individuals who are individuals, Firms, Companies, Limited Liability Partnerships, and Co-operative Societies engaged in business activities not prohibited by law. Also, GST registered units that have filed at least GST returns for the last 6 months. The branch/Cluster will have to ensure online verification of GST returns filed by the customer for its authenticity.

How much loan can be taken?
The loan facility is 'Cash Credit'. Businesses can apply for loans between Rs 10 lakh and Rs 1 crore. The loan tenure is 1 year. The Bank reserves the right to review the tenure every year. There will be a 50% discount on the processing fee.

Collateral Security-
Mortgage of immovable property whose realizable value is at least 100% of the total exposure. Or the security of NSC/KVP/FDR/CDR (Accrued Value), LIP (Surrender Value) is equal to at least 100% of the total exposure. In case of security in the name of a third party, the guarantee of the owner of the property shall be compulsorily obtained.

In case of security in the name of a third party, the guarantee of the owner of the property shall be compulsorily obtained. No loan will be given under any credit guarantee scheme under this scheme.