Punjab National Bank PNB Green Ride E Rickshaw Finance

Looking for MSME Loan to purchase e-rickshaws for business use from Punjab National Bank?

You have landed at the right place. This page contains all the information you will need on Punjab National Bank’s e-Rickshaw Finance Scheme.

Punjab National Bank PNB Green Ride

This loan helps small transport operators in the MSME category buy e-rickshaws for commercial use. The loan can also be used for funding battery replacement after one year and two years.

Features of PNB Green Ride (e-Rickshaw Loan Scheme)

Why this Loan?

Loan Amount

  • The maximum loan amount offered under this loan scheme for purchasing e-rickshaw is upto 80% of the on-road cost of the vehicle or 85% of the invoice cost, whichever is less
  • The maximum loan amount offered under this loan scheme for battery replacement is upto 85% of the battery replacement cost capped at the maximum quantum of finance under the scheme

Interest

  • The interest rate for this loan scheme is defined as the sum of One-year Marginal Cost of Funds-based Lending Rate (MCLR) of Punjab National Bank + Business Strategy Spread (BSS) + Credit Risk Premium
  • Currently, one-year MCLR of Punjab National Bank is 7.35% whereas BSS and credit risk premium depend on various factors. Please check with the bank for details

Repayment & Moratorium

  • The repayment period for this loan is 33 months
  • The moratorium period for this loan is 1 month or starting from the date when the vehicle is put on the road for commercial use, whichever is earlier

Security Needed

  • The bank asks for hypothecation of assets created with bank finance
  • The bank may also for CGTMSE coverage
  • No collateral security is required

Eligibility

  • All individuals, transport operators, association, proprietorship firm and partnership firm directly engaged in the transport business belonging to the MSME category are eligible for this loan
  • The borrowers should have the requisite permission by appropriate authorities to run e-rickshaws for passenger or goods transport

Borrower Contribution to Total Cost (Margin Money)

  • The bank charges minimum 15% of the invoice cost or 20% of the on-road price of the e-rickshaw, whichever is higher

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, you will have to contribute 20% which comes to Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing Charges

  • This information is not mentioned on the bank’s website. Please talk to a bank representative at the time of applying for this loan

Documents Needed for Individuals

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References

Documents Needed for Private Limited and Public Limited Companies

  • Application Form duly filled and signed
  • Company ID Proof: Company’s PAN Card
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
  • Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References

Reference Facts

  • Punjab National Bank Website: www.pnbindia.in and www.netpnb.com (net banking)
  • Headquarters: Dwarka, New Delhi
  • Call Centre Toll-Free Number: 1800 180 2222, 1800 103 2222