Punjab Gramin Bank Business Loan Key Features
|Punjab Gramin Bank Interest Rate||14.10%|
|Tenure||From 12 months to 36 months|
|Lowest EMI per lakh||₹ 3,423|
|Loan Amount||Min ₹ 50 Thousand and Max ₹ 75 Lakh|
|Part Prepayment, Charges||Allowed after 1 EMI’s,|
|Early Foreclosure, Charges||Allowed after 1 EMI’s|
|Bank of Baroda Processing Charges||Up to 2.50% of the loan amount (Min. Rs. 2,359 – Max. Rs. 88,500)|
|Prepayment Charges||07-24 Months – 4% of Principal Outstanding Amount
25-36 Months – 3% of Principal Outstanding Amount
More than 36 Months – 2% of Principal Outstanding Amount
|Repayment Period||12 – 48 months|
|Prepayment Condition||No pre-payment permitted until repayment of 6 EMIs|
Interest Rate, Fees, and Charges (Self Employed Non-Professional)
|Interest Rate Charges||14.10%|
|Loan Processing Charges||Up to 2.50% + GST as applicable|
|Prepayment||No pre-payment permitted until repayment of 6 EMIs|
|No Due Certificate / No Objection Certificate (NOC)||NIL|
|Duplicate no due certificate / NOC||NIL|
|Solvency Certificate||Not applicable|
|Charges for late payment of EMI||@ 24% p.a.|
|Charges for changing from fixed to floating rate of interest||Not applicable|
|Charges for changing from floating to a fixed rate of interest||Not applicable|
|Stamp Duty & other statutory charges||As per applicable laws of the state|
|Credit assessment charges||Not applicable|
|Nonstandard repayment charges||Not applicable|
|Cheque swapping charges||₹ 500/-|
|Amortization Schedule charges||₹ 200/-|
|Loan cancellation charges||NIL (However Interest would be charged for the interim period between the date of loan disbursement and date of loan cancellation and processing fees would be retained)|
|Cheque Bounce Charges||₹ 550/- per cheque bounce|
|Legal / incidental charges||At actual|
|CIBIL Report Copy Charges||₹ 50 Per Copy|
Interest Rate, Fees, and Charges (Self Employed Professional)
TABLE WILL APPEAR
Advantages of Punjab Gramin Bank Business Loan
Punjab Gramin Bank provides its customers with customized products so that it fits the requirements of their specific customer segments. Punjab Gramin Bank also offers:
- No interference by the bank with how the applicant’s business is running.
- Unlimited free ATM transactions at Punjab Gramin Bank and another bank VISA ATMs in India.
- No charges on NEFT/RTGS transactions and demand drafts.
- Convenient and easy to access funds once the loan gets approved.
- Reimbursement account – a separate current account for seamless reimbursement management.
- Staff assisted the digital account opening with Instant Welcome Packs (IWP).
- Reasonable interest rates to applicants with a rich relationship with the bank.
- Preferential rates on Personal and Home Loans.
Punjab Gramin Bank Business Loan Eligibility Criteria
|Age||21 to 60 years|
|Minimum Turnover||₹ 0|
|Business Existence (in months)||0 months|
|ITR (months)||6 months|
|Loan Amount||₹ 1 Lakh to ₹ 75 Lakh|
|Loan Tenure||36 months|
|Owned House or Place of Work||Not Required|
|CIBIL Score||750 and above|
Punjab Gramin Bank Business Loan Documents Required
- Valid Proof for Identity: Passport / Ration card / Electricity Bill / Voter ID card / Passport / Driving License/ PAN Card and MAPIN card/ Lease agreement / Sales Tax certificate/Trade licence
- Residence Proof: Lease agreement / Passport / Trade license / Electricity Bill / Sales Tax Certificate
- Age Proof: Passport / PAN card / Voter’s identity card
- Financial Documents: Copy of IT returns for the last two years and the latest Bank statements for 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A.
- Copy of Bank Statement
- Latest ITR and statement of computation of Income for the last 2 yrs.
- Proof of continuity of business
- Other Mandatory Documents that are Sole Proprietorship Declaration, Certified copy of Memorandum & Articles of Association certified by a director
- Original Board resolution
- Financials audited/ certified by a CA
* (If Pvt ltd Co. Then Partnership Authorization Letter/ co-borrower if partnership firm just a co-borrower
Self Employed (Private Ltd. Co. and Partnership Firms)
- Identity proof of the company: PAN ID /VAT /Service tax / Sales tax /Excise registration, / IT return of the concern/ Electricity bill /Water bill/ Registration under Shops and Establishment Act/Municipal tax bill in the name of the concern, Articles of Association and Memorandum
- Proof of identity: To be submitted with two authorized signatories such as 2 Directors including the managing director, with (any one of the following): PAN card, Voter’s identity card, Passport, and Driving license
- Financial Documents: Copies of IT returns for the last two years and Profit and Loss balance sheet for the last two years audited by a C.A
Self Employed Individuals – Professionals
- Identity Proof for Sole Proprietorship: PAN ID / IT return of the concern or Municipal tax, Water bill, and electricity bill in the name of the concern.
- Identity proof for the Sole Proprietor: Passport, Voter’s identity card, Driving license, PAN card.
- Address Proof for the Sole Proprietor: Driving license, Voter’s identity card, Ration card, Passport
- Financial Documents: Copies of IT returns for the last two years and Bank statements for the last 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A
Self Employed Individuals – Non Professionals:
- Identity proof: Documents to be submitted for the sole proprietorship as well as for the individual’s (owner) identity.
- Copy of periodic stock, age-wise book-debt and creditors-statement for latest three months
- Copy of bank statement of main banker/copy of bank statement for the term loan for last months
- Financial Documents: Profit and Loss balance sheet for the last two years audited by a C.A, Sales tax returns for a minimum of 3 years, and the Copies of IT returns for the last three years.
Business Loan EMI Calculator for Punjab Gramin Bank
The following is the EMI calculated table for Punjab Gramin Bank Business loan:
|Loan Amount||10 Year Loan||15 Year Loan||25 Year Loan|
|₹ 20 Lakh||₹ 24,958||₹ 19,871||₹ 16,307|
|₹ 30 Lakh||₹ 37,437||₹ 29,807||₹ 24,461|
|₹ 50 Lakh||₹ 62,395||₹ 49,678||₹ 40,768|
Calculate EMIs with the help of Dialabank’s fast and accurate EMI Calculator!
Compare Punjab Gramin Bank Business Loan With Other Banks
Punjab Gramin Bank
|Interest Rate||15.65% – 21.35%||14.10%|
|Processing Fees||Starting from 0.99%, Max 2.50%||Starting from 1%, Max 2.50%|
|Loan Amount||₹ 50,000 to ₹ 50 Lakh||₹ 50,000 to ₹ 75 Lakh|
|Loan Tenure||12 to 48 Months||12 to 48 Months|
|Lowest EMI Per Lakh||₹ 2,816 per lakh||₹ 3,423 per lakh|
|Part Payment Charges||Not Allowed||Not Allowed|
|Foreclosure Charges||Allowed after 12 months at 2 – 4%||Allowed after 1 EMI’s|
|Borrower’s Age||21 to 65 Years||25 to 65 Years|
|Minimum Years in Business Required||36 Months||36 Months|
|Minimum Turnover Required||₹ 1 Cr||₹ 60 Lakh|
More Banks to compare with Punjab Gramin Bank Business Loan:
|Barclays Bank||Canara Bank||Private Bank||ING Vysya Bank|
|HSBC||Citibank||Kotak Mahindra Bank|
Video: How to apply for Punjab Gramin Bank Business Loan
VIDEO WILL APPEAR!
Purpose of Business Loan from Punjab Gramin Bank
Availing a Business Loan from Punjab Gramin Bank can cover and help with:
- Maintaining a healthy cash flow to make payments to the suppliers on time.
- Instant availability of liquidity to finance the everyday needs of the business.
- The loan amount can be used to cover up all the expenses related to business expansion.
- Covers cost of buying new or upgrading machinery or equipment.
- Covers cost of purchasing new inventories.
EMIs of Several Banks and NBFCs for Different Tenures
The following table shows the approximate values of EMI’s offered by banks and NBFC’s other than Punjab Gramin Bank
|Total Loan Amount||Loan Tenure|
|Loan Amount (Rs.)||10 years||15 years||25 years|
|2,500,000||₹ 31,197||₹ 24,839||20,384|
|5,000,000||₹ 62,395||₹ 49,678||40,768|
|7,500,000||₹ 93,592||₹ 74,516||61,152|
|10,000,000||₹ 1.25 Lakh||₹ 99,355||81,536|
Other Loan Products from Punjab Gramin Bank
TABLE WILL APPEAR
Why should you apply for Punjab Gramin Bank Business Loan at Dialabank?
DialaBank is India’s first online banking helpline service. It works as a bridge between you and your preferred bank choice by minimizing the complex paperwork and application process. Sorting out the best offer as per your requirements is Dialabank’s main master card as it has successfully delivered all the promised terms to all its customers without any fail.
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How to calculate EMI for Punjab Gramin Bank Business Loan?
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|LOAN AMOUNT||INTEREST RATE||TENURE||MONTHLY INSTALMENT||TOTAL INTEREST AMOUNT||TOTAL AMOUNT|
|₹ 3,00,000||14.10%||1||₹ 26,555||₹ 18,661||₹ 3,18,661|
|₹ 3,00,000||14.10%||2||₹ 14,023||₹ 36,547||₹ 3,36,547|
|₹ 3,00,000||14.10%||3||₹ 9863||₹ 55,063||₹ 3,55,063|
|₹ 3,00,000||14.10%||4||₹ 7796||₹ 74,207||₹ 3,74,207|
|₹ 3,00,000||14.10%||5||₹ 6566||₹ 93,972||₹ 3,93,972|
You can also calculate the specific loan amount EMIs on Dialabank’s EMI Calculator.
Benefits of Punjab Gramin Bank Business Loan
Punjab Gramin Bank offers Business loans to self-employed and businessmen for financing the expansion or working capital requirements of their business. There are many benefits of availing loan from the Punjab Gramin Bank:
- Dropline Overdraft to save interest.
- High loan amount up to Rs. 75 Lakh.
- No collateral or guarantor is required.
- The balance transfer option is available.
- Flexible tenure and easy process.
- Fast Approvals and disbursals.
- Low and flexible interest rates.
- Simple and minimum paperwork required.
Punjab Gramin Bank Business Loan Processing Time
For loan applications for Commercial Banking customers, the Bank will take 30 working days to communicate the decision, once all the information required by the Bank is appropriately submitted by the customer.
Punjab Gramin Bank Business Loan Preclosure
Punjab Gramin Bank’s Business Loan Preclosure charges vary between 2% to 2.5% of the disbursed limit.
Pre Calculated EMI Table for Punjab Gramin Bank Business Loan
The Loan EMI in Punjab Gramin Bank depends upon the occupation (businessmen, self-employed, salaried), loan amount, loan tenure, and interest rate.
|Loan Amount||5 Year Loan||7 Year Loan||15 Year Loan|
|₹ 20 Lakh||₹ 42,298||₹ 32,996||₹ 21,248|
|₹ 30 Lakh||₹ 63,446||₹ 49,494||₹ 31,872|
|₹ 50 Lakh||₹ 1,05,744||₹ 82,490||₹ 53,120|
How to Apply for Punjab Gramin Bank Business Loan Online?
- Visit Dialabank.
- Go to the loan section and click on the Business Loan link.
- Check the eligibility criteria for the Business loan offered by Punjab Gramin Bank and fill a user-friendly online application form for Business Loan.
- One of our relationship managers will soon get in touch with you for further process
- For more information and free guidance, you may call on +919878981166.
Punjab Gramin Bank Business Loan Status
You can find the loan status by Calling at +919878981166 or by visiting Punjab Gramin Bank Site.
Dialabank Punjab Gramin Bank Business Loan Customer Care Number
To find the solution to your queries regarding a business loan, give a call at +919878981166
Dialabank helps you to find the best option for Banks and NBFCs by providing you with a detailed market comparison of different banks so that you can make the right choice.
Punjab Gramin Bank Business Loan FAQs
✅ Is a guarantor required for the Punjab Gramin Bank Business Loan?
No form of security is required while applying for Punjab Gramin Bank’s Business Loan.
✅ How do I repay my business loan?
It should be repaid through EMIs via standing instructions and post-dated cheques.
✅ What are the minimum and maximum range of tenure of business loans in the Punjab Gramin Bank?
These loans are shorter tenure loans. You can repay your loan in a flexible period of a minimum of 12 months to a maximum of 48 months.
✅ How much business loan amount can borrow I from the Punjab Gramin Bank?
Punjab Gramin Bank Bank offers you a loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 75 Lakh.