EEPC India signs pact with PNB for export finance
The Engineering Export Promotion Council (EEPC) of India has signed a memorandum of understanding (MoU) with Punjab National Bank (PNB) to provide easy access to export finance for SMEs and merchant exporters of the council. The PNB will provide finance with assurance that loans up to Rs 10 crore would be provided within six to seven weeks at competitive rates.
As per the agreement, PNB would also extend foreign currency loan facilities and provide advisory support to EEPC India members to finance projects through its more than 200 authorised foreign exchange branches. Besides, engineering exporters would be given a ‘Gold card’ under which additional benefits like 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.