Professional Loan Schemes

PNB extends assistance to self-employed persons, firms and joint ventures of such professional persons engaged in professions such as:

Medical practitioners including dentists, chartered accountants, cost accountants, practicing company secretaries, who are not in regular employment of any employer, accredited journalists or cameramen who are free lancers, i.e. not employed by a particular newspaper/magazine, lawyers or solicitors, engineers, architects, surveyors, construction contractors or management consultants or to a person trained in any other art or craft who holds either degree or diploma from any institution established, aided or recognised by Government or to a person who is considered by the bank as technically qualified or skilled in the field in which he is engaged. Loans under this scheme may be granted for the purpose of financing purchase of equipment used by the borrowers, business premises, construction, making alterations or renovation of business premises/nursing homes or for working capital requirements, in their professions.

Eligibility

	Persons already practicing or new entrants in various professions, having licenses issued under Central or State Legislations;
	Associations of persons engaged in a single profession provided that each member of such an association is qualified and duly licensed to practice in the profession; and
	The qualified professionals will be required to produce a certified copy of the license for the record at the bank.

Amount of Loan

Need based on merits within the overall permissible limits as under:

                                     Metro/ Urban                            S.Urban/Rural Area

1. Medical practitioners    Rs 5.00 lac                                   Rs 10.0 lac

2. Other professionals      Rs 5.00 lac                                   Rs    5.00 lac

Margin: Nil up to Rs.25000/-.  25% Above Rs. 25000/-.

Security

	Hypothecation/Mortgage of the goods purchased/created with the amount of loan till the final adjustment of bank's loan and interest thereon.
	Collateral security by way of immovable properties or acceptable third party guarantee in case of advances above Rs. 25000/-.

Rate of Interest

For loans granted on or after 01.06.2003

	Loans up to Rs. 2 lac: (PLR/PTLR)% p.a.*
	Loans above Rs. 2 lac:            Working Capital (PLR+2.00)% p.a.*             Term Loans (PTLR+2.00)% p.a.*

* Subject to change.

Repayment

Term Loan

	Loans up to Rs.50000/- 48 months
	Loans beyond Rs.50000/- 60 months

Working Capital loans are renewable every year.

Disbursement

Payments will be made direct to the suppliers/ dealers. In case of construction of the premises, the loan may be disbursed in phases after verifying the end use in terms of the plan as also at the spot.