KOLKATA: The Engineering Export Promotion Council (EEPC) of India has signed a Memorandum of Understanding with Punjab National Bank to provide easy access to finance to SMEs and merchant exporters of the council.
Punjab National Bank will provide finances with assurance that loans up to Rs. 10 crore would be provided within six to seven weeks at competitive rates, said a press statement issued by EEPC India.
According to the agreement, PNB would also extend foreign currency loan facilities and provide advisory support to the EEPC India members to finance projects through its more than 200 authorised foreign exchange branches.
Besides, the engineering exporters would be given a ‘Gold card’ under which additional benefits such as quicker sanction and disbursal of loan will be extended. The gold card facilities would be extended to the exporters with internal credit rating of B1 and above and those outside the RBI caution list, the release said.