On 2ND November 2018, Prime Minister Narendra Modi announced a small Diwali Gift for the MSME (Micro, Small and Medium Enterprises) Sector in India. The government of India introduced a quick business loan portal for the individuals who wish to expand their existing business.
What is PSB Loans in 59 minutes?
PSB Loans or Public Sector Banks in 59 minutes is an online marketplace, which enables the business individuals to apply for Business Loan with Loan Amount starting from Rs 10 Lakh to Rs 1 Crore in just 59 minutes. This initiative was taken to ease the MSME Business and promote self-employed business model in India by reducing the loan approval process and long queues at the bank. PSB Loans in 59 minutes aims at approving the business loan in 59 minutes thus reducing it significantly from a long 30 day process and expected to be disbursed in 7-8 working days, if approved.
PSB Loans in 59 minutes: Features and Benefits
- Loan Amount starting from Rs 10 Lakh to Rs 1 Crore: PSB Loans in 59 minutes helps in providing loan amount starting from Rs 10 Lakh to Rs 1 Crore to all the business individuals so any business requirement small or big can be met easily with the mentioned loan amount.
- Rate of Interest: The rate of interest for PSB Loans in 59 minutes starts from 8% onwards.
- Minimal Documentation: With PSB Loans in 59 minutes, the entire process of a Small Business Loan for MSMEs is expected to become super quick and hassle free that too with minimal documentation.
- Advanced Technology Backed Loans: PSB Loans in 59 minutes processes the loans without human intervention till the stage of sanction or the disbursement. The analysis process is done from the various sources of the loan applicant’s financial profile.
- Apply at Multiple Banks: PSB Loans in 59 minutes provides a convenient process for the loan applicants who can apply for a Small Business Loans at multiple times in one go.
- Safe and Secure: The platform understands the safety of the information given by the Loan Applicants. The entire data of the applicants is safe and secure with the highest level of security.
- CGTMSE Coverage: The platform understands the safety of the information given by the Loan Applicants. The entire data of the applicants is safe and secure with the highest level of security.
- Integration with Govt. Facilities: PSB Loans in 59 minutes is integrated with the latest facilities like Income Tax Return, GST, Bank statement so it helps in decision making of the loan application.
Documents Required for PSB Loans in 59 minutes
Loan Applicant with existing business can apply for small business loan with the following documents:
- The details of GST: GST Identification Number (GSTIN), GST User Name and OTP
- Details of Income Tax: Latest 3 year ITR in the format of XML
- Last 6 months Bank Statement in PDF Format: The Loan Applicant can upload Bank Statement for maximum three bank accounts on the portal. It is preferable to upload the Bank Statement having the major bank activities
- Details of the Loan Required
- Details of Proprietorship/ Partners/ Directors
- E-KYC Documents of the Loan Applicant
How to Register with PSB loans in 59 minutes?
- Go to psbloansin59minutes.com
- Register yourself by filling in your name, Email Address, mobile number and click on ‘Get OTP’
- Enter the OTP received on the mobile number
- Agree to the Terms and Conditions mentioned below in the checkbox
- Click on ‘Proceed’ after entering all the columns
- Create a Password for your account for future reference
Things to Keep in Mind
PSB Loan in 59 minutes is a MSME Loan focussed on automation of the Loan Process in such a way that one can get eligibility letter, Approval in less than 60 minutes and can choose the bank from the given list for a smoother MSME Loan process.
- The Loan Amount varies from Rs 10 Lakh to Rs 1 Crore
- PSB Loan in 59 minutes Rate of Interest starts from 8% onwards
- The Loan Processing takes 59 minutes; reduced from 20-25 days
- Post the approval of the loan, the Loan Amount takes 7-8 working days to be disbursed
- The Loan is processed without human intervention till sanction and/or disbursement stage
PSB Loan in 59 minutes: Eligibility Criteria
For the Business which already exist the borrower should be GST, IT compliant and should have Six Months Bank Statement. The Loan Eligibility will be determined on the following factors:
- Repayment Capacity of the Borrower
- Existing credit facilities
- Other factors set by the Financial Lender
Frequently Asked Questions (FAQs)
Q. What is PSB Loan in 59 minutes?
A. PSB loan in 59 minutes is an online marketplace, introduced by the government of India with the aim to provide Business Loans to MSMEs in a process which can approve Loan Application in 59 minutes. So, the businessmen can apply for a small business loan through PSB Loan to meet the small as well as big business requirements.
Q. What is the Loan Amount PSB Loan in 59 minutes offer?
A. The Loan Amount starts from Rs 10 Lakh to Rs 1 Crore
Q. What is the Rate of Interest for PSB Loan in 59 minutes?
A. PSB Loans have Interest Rate starting from 8% onwards
Q. What are MSME Loans?
A. MSME stands for Micro and Small Medium Enterprises that are run by entrepreneurs. MSME loan is a type of Loan that is provided to entrepreneurs and Business Individuals who can apply for a Loan to improve their existing Business.
Q. Does the borrower need to provide collateral for PSB Loan?
A. It is not necessary for the borrowers to provide security or a collateral for PSB Loans in 59 minutes.
Q. What is the turnaround time for this loan?
A. PSB loan in 59 minutes takes 7-8 days working days to disburse the Loan Amount after the Loan Application has been approved.
Q. What is the process of Loan Application of PSB Loans?
A. For anyone who would like to expand their existing business, one can apply at www.psbloansin59minutes.com. Register yourself with the basic details. Once you have your profile registered, there will be a set of basic questions which need to be answered followed by the GST Details, Bank statements, Bank details and purpose of the loan. The final stage will be of a list comprising of the Banks that have been matched with the Loan Applicant’s profile. You can select the bank and proceed with the loan application if approved.
Q. How can PSB Loans in 59 minutes be contacted?
A. For any queries related to small business loans, one can call at +1800 103 7491 (Toll free number) or write to them at email@example.com