Punjab National Bank (PNB) has launched a digitally enabled loan of up to Rs 10 crore for micro, small and medium enterprises (MSMEs).

Under Digi MSME Prime, MSMEs can expect quicker loan approvals and disbursements as it minimises manual intervention. The initiative is built on a straight through processing (STP) model, the state-owned lender said.

The loan eligibility is primarily assessed through GST (goods and services tax) turnover and business cash flows, thus reducing the need for extensive documentation.  

“This launch reinforces PNB’s commitment to convenient, secure, and technology-driven lending solutions,” the bank said in a statement.

Last month, PNB launched its digital location management solution (DLMS), a centralised hyperlocal system aimed at connecting customers from online searches to physical branches, ATMs and BNAs.