PNB Launches App To Enable MSMEs Access Instant Loans Using GST Invoices
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.
Daily Current Affairs Quiz: August 2023
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, making 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 saves time, but it also reduces errors and inefficiencies in the loan application process.
- 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 invoice loans ranging from Rs 10,000 to Rs 2 lakh, with a maximum credit amount 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 project is consistent with the Indian government’s focus on supporting and fostering micro, small, and medium-sized firms (MSMEs), which are critical to the country’s economy.
Key takeaways for competitive examinations
- Managing Director and CEO of Punjab National Bank: Atul Kumar Goel