Engineering Export Promotion Council (EEPC) India, the premier body for merchant and SME exporters, today signed a Memorandum of Understanding with Punjab National Bank (PNB) to provide easy access to export finance to the exporting community.
Executive director of PNB Sanjeev Sharan said loans up to Rs 10 crore would be provided to the exporters within six to seven weeks after application at competitive rates.
Such an arrangement and other export-friendly measures were a part of the agreement, he said.
According to the agreement, PNB would also extend members of EEPC foreign currency loan facilities and provide advisory support to financing projects through its 200-odd authorised foreign exchange branches.
Besides, the exporters would be provided with gold cards under which additional benefits like quicker disbursal and sanction of loans would be extended.
Additional executive director of EEPC Suranjan Gupta said engineering items accounted for more than 22 per cent of overall exports of the country.
Starting with the eastern region, the facility would be gradually extended to members of the other regions as well.
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