Submitted by admin on June 8th, 2024
According to an agreement jointly signed by Punjab National Bank (PNB) and India Infrastructure Finance Company Ltd (IIFCL) on Monday, long-term financial assistance will be provided to feasible infrastructure projects.
Besides this, both the institutions will enter a collaboration to do funding for the infrastructure projects, allowing concerned parties to participate under multiple lending arrangements/consortium to provide financial support to the potential borrowers on condition of a case-to-case basis and proper diligence, as per a statement.
According to a report, a signing ceremony for the MOU (Memorandum of Understanding) was hosted in the presence of Atul Kumar Goel, MD & CEO of PNB, and Padmanabhan Raja Jaishankar, MD of IIFCL.
This MOU would be considered a milestone in introducing new lending avenues for the funding of the infrastructure projects across India and they promised full participations from both sides in this effort.
Int Rates : 10.5% - 22%
Loan Amount: ₹ 1,00,000.00
Maximum Tenure - 7 Years
Lowest EMI : ₹ 1,686
Interest Rate 13.99% - 24.99%
Loan Amount: ₹ 1,00,000.00
Maximum Tenure – 5 Years
Lowest EMI : ₹ 2,326
Interest Rate 9% - 13%
Loan Amount: ₹ 1,00,000.00
Maximum Tenure – 20 Years
Lowest EMI : ₹ 1,014
Interest Rate 8.40% - 12%
Loan Amount : ₹ 1,00,000.00
Maximum Tenure – 35 Years
Lowest EMI – ₹ 739
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