EEPC signs MoU with PNB for easy loans, advisory support to exporters

The Dollar Business Bureau

The premier trade and investment promotion body for traders and SME exporters in India, Engineering Export Promotion Council (EEPC), on Monday signed a memorandum of understanding (MoU) with state-owned Punjab National Bank (PNB) to give easy access to finance to the exporters’ community.

Sanjeev Sharan, Executive Director, PNB, said that up to Rs.10 crore worth of loans would be given to exporters at competitive interest rates, within 6-7 weeks after filing of the application.

“Such an arrangement and other export-friendly measures were a part of the agreement,” he added.

As per the agreement, PNB would extend facilities for foreign currency loans to the members of EEPC and also offer advisory support for financing projects with the help of its network of 200 foreign exchange branches across the country.

In addition, the exporters would have been issued gold cards, the scheme under which extra benefits such as quicker sanction and disbursal of loans would be provided.

Suranjan Gupta, EEPC’s Additional Executive Director said that engineering items make up for over 22% of the total exports from India.

The facility will be started with the eastern region of the country and would gradually be extended to the members from other regions also.