In a pioneering move, Punjab National Bank (PNB) has taken a bold step forward by becoming the inaugural public sector bank to provide effortless credit access to Micro, Small, and Medium Enterprises (MSMEs) via GST invoices. The bank has unveiled the cutting-edge PNB GST Sahay App, a dedicated mobile application that promises to transform and digitize the entire loan application process, eliminating the need for manual borrower intervention.
The newly introduced PNB GST Sahay App is set to revolutionize lending, making it not only cost-effective but also remarkably swift and efficient. One noteworthy feature is that the sanctioned loan amount will be directly credited to the borrower’s current account maintained with the bank.
This digital solution streamlines the lending process, removing the necessity for manual steps, which, in turn, not only saves time but also minimizes errors and inefficiencies that can often hinder loan applications.
The app’s digital lending process promises to be more economical and hassle-free for both the bank and borrowers, potentially leading to quicker loan approvals and disbursements.
Furthermore, loans approved through the app will be seamlessly transferred directly to the borrower’s active account held with PNB, ensuring rapid fund availability.
Leveraging technology, the app assesses market reports, appraisals, and various factors influencing loan eligibility, effectively mitigating bottlenecks and processing delays.
The PNB GST Sahay App offers loans ranging from Rs 10,000 to Rs 2 lakh per invoice, with an upper limit of Rs 10 lakh per borrower. Borrowers also have the option of one-time repayment and pre-payment for added convenience.
These loans are linked to the borrower’s GST profile, providing valuable insights into their business operations and financial health.
This initiative aligns perfectly with the Indian government’s overarching emphasis on nurturing and supporting micro, small, and medium-sized enterprises (MSMEs), which play a pivotal role in driving the nation’s economy.
Atul Kumar Goel, the Managing Director and CEO of Punjab National Bank, expressed his enthusiasm for this transformative step, underlining the bank’s commitment to fostering financial inclusion and empowerment among MSMEs.