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PNB Launches App To Enable MSMEs Access Instant Loans Using GST Invoices

Punjab National Bank (PNB) has become the first public sector bank to facilitate effortless credit availability for Micro, Small, and Medium Enterprises (MSMEs) via GST invoices. The bank has unveiled a dedicated mobile application for the GST Sahay scheme. This innovative digital solution facilitates comprehensive lending procedures based on GST invoices, ensuring a seamless end-to-end process.

Streamlining Loan Processes with PNB GST Sahay App

The newly launched PNB GST Sahay App transforms the entire loan application process into a digital format, eliminating the need for manual intervention on the borrower’s part. The app streamlines the process, rendering it more cost-effective, expeditious, and efficient. Notably, the sanctioned loan amount will be directly deposited into the borrower’s current account maintained with the bank.

Noteworthy features of the PNB GST Sahay App

  • Digitized End-to-End Lending: The app facilitates a fully digital lending process, diminishing the necessity for manual interventions. This not only economizes time but also diminishes errors and inefficiencies in the loan application progression.
  • Economical and Seamless Process: By eradicating manual steps, the lending procedure becomes more economical and seamless for both the bank and borrowers. This efficacy can lead to swifter loan approvals and disbursements.
  • Direct Loan Disbursement: Loans sanctioned through the app are directly transferred to the borrower’s active account maintained with PNB, guaranteeing a seamless and rapid fund transfer.
  • Technology-Driven Evaluation: The app employs technology to assess market reports, appraisals, and other determinants affecting loan eligibility. This mitigates bottlenecks and delays in loan processing.
  • Loan Spectrum and Repayment Alternatives: The app offers loans ranging from Rs 10,000 to Rs 2 lakh per invoice, with an upper cap of Rs 10 lakh per borrower. Borrowers can also opt for hassle-free one-time repayment and pre-payment.
  • Integration with GST Profile: The loans are linked to the borrower’s GST profile, providing the bank with valuable insights into the borrower’s business operations and financial well-being.
  • MSME Focus: This initiative aligns with the Indian government’s emphasis on supporting and nurturing micro, small, and medium-sized enterprises (MSMEs), pivotal to the nation’s economy.

Key takeaways for competitive examinations

  • Managing Director and CEO of Punjab National Bank: Atul Kumar Goel

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