PNB Vyapaar Scheme: The Punjab National Bank (PNB) has issued a warning to the its customers about not taking loan from the informal sectors. The national bank has advised to seek financial assistance from formal sector and for that 'PNB Vyapaar' can be an option. The interested customers can get more details by logging in to the official website of PNB at pnbindia.in.

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The PNB has recently tweeted from its official Twitter handle about PNB Vyapaar for taking loans. The tweet said, "Don't go down the road, choose formal sector for taking loans. To know more, visit: tinyurl.com/4ka6wfsh. Let’s take integrity pledge at: tinyurl.com/9uxx5umb and share the screenshot of your pledge certificate with us."

 

Objectives

Now, the PNB customers must be aware of PNB Vyapaar. It must be noted that the PNB Vyapaar is for financing working capital needs of retail and wholesale traders, distributors/ agencies who deal in goods/ commodities (indigenous or imported). The advance is to be considered for genuine trade transactions and not to be utilised for hoarding or speculative purposes.

Furthermore, the objective of PNB Vyaapar is also for for financing traders for purchase / construction of shop and showroom / delivery van/ acquiring of assets for furnishing of shop and Showroom like partition, fixture, furnishing, purchase of equipments like Air Conditioners, refrigerators and others.

Eligibility

The target groups of this loan include:

1) Business entities which are individuals, firms, companies, Limited Liability Partnership (LLP), co-operative societies, dealing in business activities.

2)  Entities having valid registration/ license, as applicable, under local laws (Shops and Establishments Act) obtained from appropriate authorities/GST Registration (wherever applicable).

3)  The existing units should be a profit making one.

4) The new units may be allowed to avail the facility subject to compliance of security clause and other terms of scheme.

Loan limit

The interested customers must note that the type of facilities available are  -  cash credit (fund-based and non-fund based). The maximum amount of loan is given on the basis of need and for minimum amount, loans above ticket size of Rs.10 lakh may be considered under this scheme.

Tenure

For working capital loan, the limit will be renewed every year and the tenure of term loan is up to 10 years inclusive of maximum moratorium period of up to six months. The interest during the moratorium period will be serviced as and when due.

Interest

The PNB customers must note that the interest will be as per the policy of the bank.

For further details, the interested customers can login to the official website of PNB at pnbindia.in.