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A new scheme was introduced by the bank! In the event that a business in Covid closes, it will be eligible for a bonus of up to Rs 10 crore

The Punjab National Bank is offering a fantastic deal to help the hotel industry recover from the Corona pandemic. People in the hospitality industry can easily receive loans through the ‘PNB Satkar Scheme’ to modernise, renovate, and grow their businesses.

Satkar Scheme of PNB: During the Corona era, many people lost their jobs, and many businesses suffered significant losses as a result. There is a negative impact on the post from the aviation to the hospitality industries. The Punjab National Bank (PNB Satkar Scheme) has launched a fantastic programme to help the hospitality industry recover from the corona pandemic. People in the hospitality industry can easily receive loans under the PNB hospitality plan to improve, renovate, and expand their businesses.

Who can profit from this?

Hotels, Restaurants, Lodges, Guest Houses, Motels, Dhabas, Pizza Centers, Mess, Canteens, Catering Services, Service Apartments, Banquets, Coffee Shops, and other businesses can use the PNB Satkar Scheme to satisfy their credit needs, purchase land, or modernise or grow their businesses.

Read More: The LIC countdown has begun. The IPO process has begun, and the company will submit documentation to SEBI next month

Know its eligibility

PNB’s Satkar Scheme is open to individuals, sole proprietorships, partnerships, LLP Private-Public Limited, and other entities. Apart from that, any MSME service sector unit with an initial investment of less than Rs 5 crore is eligible for the benefit.

How much money will you be able to borrow?

PNB Satkar Scheme can provide loans up to Rs 10 crore. Aside from that, you can take out a Rs 50 lakh overdraft. The hospitality business can acquire a loan for up to ten years through PNB’s Satkar plan. Customers are given a monotorium with a maximum duration of 24 months.

What will the cost of security be?

Customers should be insured by at least 40% Collaterals Coverage on the advance under PNB’s scheme. Apart from that, if the land and building are your primary security, the residual value of more than 135 percent of the existing term loan will be recognised as Collateral Security.

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