On 2nd November 2018, PM Narendra Modi announced a small Diwali Gift for the Micro, Small, and Medium Enterprises (MSMEs) in India. The Government of India introduced a quick business loan portal for individuals who wish to expand their existing business or to start a new one. Under this scheme MSMEs can get loan amount approval from Rs. 1 Lakh to Rs. 5 Crore in less than 59 minutes from Public and Private Sector Banks (PSBs) and Non-Banking Financial Companies (NBFCs).
What is PSB Loans in 59 minutes?
PSB Loans in 59 minutes is an online marketplace, which enables self-employed customers to apply for business loans at an interest rate of 8.50% onwards. 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: Eligibility Criteria
For the Business which already exists the borrower should have Login ID of psbloasnin59minutes.com, GST, IT compliant, and should have the last 6 months’ bank statement. Know your eligibility before applying for a business loan from psbloansin59 minutes.com:
- Repayment Capacity of the Borrower
- Existing credit facilities
- Other factors set by the Financial Lender
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PSB Loans in 59 minutes: Features and Benefits
- Loan Amount starting from Rs 1 Lakh: PSB Loans in 59 minutes helps in providing loan amount starting from Rs 1 Lakh to Rs 5 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 8.50% onwards per annum
- 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 process the loans without human intervention till the stage of sanction or 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 Small Business Loans 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
- 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 the decision making of the loan application
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Documents Required for Loan Application
Check the following documents required to apply for PSB loans in 59 minutes.
Loan Applicant with existing business can apply for small business loan with the following documents:
- Duly filled application form with passport-sized photographs
- GST Details: GST Identification Number (GSTIN) and GST User Name
- Details of Income Tax: Latest 3 years’ ITR in XML format
- Last 6 months’ Bank Statement in PDF Format: The Loan Applicant can upload Bank Statement for maximum of 3 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
- Any other document required by the lender
Steps to Register with PSB Loans in 59 Minutes
Step 1: Go to PSB Official website psbloansin59minutes.com and click on the register
Step 2: Register by filling in name, Email Address, mobile number and clicking on ‘Get OTP’
Step 3: Enter the OTP received on the mobile number
Step 4: Agree to the Terms and Conditions mentioned below in the checkbox
Step 5: Click on ‘Proceed’ after entering all the columns
Step 6: Create a Password for the account for future reference
How to apply for PSB Loans in 59 minutes?
Step 1: Login in your profile by entering your user name and password
Step 2: Select your profile as ‘Business’ for business or MSME loan and click on ‘Proceed’
Step 3: Create your profile, enter your business PAN card and click on ‘Proceed’
Step 4: Further, add GST details, Tax returns (XML format), and bank statements for the last 6 months in PDF format
Step 5: Upload your ITR, add required details and click on ‘Proceed’
Step 6: Upload your bank details and click on ‘Proceed’
Step 7: Mention your business details and any existing loan details as requested
Step 8: Enter ‘OTP’ to verify your email address
Step 9: Select the desired bank and respective branch that you wish to take a PSB loan
Step 10: You shall receive in-principle approval from the desired bank
Things to Keep in Mind
PSB Loans in 59 minutes is are MSME business loans 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.
- Loan amount ranges from Rs 1 Lakh to Rs 5 Crore
- PSB Loan in 59 minutes Rate of Interest starts from 8.50% 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 the sanction and/or disbursement stage
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Frequently Asked Questions (FAQs)
Q. What is PSB Loans in 59 minutes?
A. psbloansin59minutes.com is an online marketplace, introduced by the government of India with the aim to provide Business Loans to MSMEs in a process that can approve Loan Applications in 59 minutes. So, the businessmen can apply for a small business loan through PSB Loan to meet their business requirements.
Q. Can I get a home loan or personal loan from PSB Loans in 59 minutes?
A. Yes, you can get a home loan and personal loan both from PSB Loan in 59 minutes. The interest rate and the loan amount will depend on the monthly income, repayment history, etc. of the applicant.
Q. What are the minimum and maximum loan amounts one can borrow through the PSB portal?
A. The Loan Amount starts from Rs 1 lakh to Rs 5 crore.
Q. What is the Rate of Interest for PSB Loans in 59 minutes offered by SBI?
A. PSB Loans have Interest Rate starting from 8.50% 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 Loans?
A. It is not necessary for the borrowers to provide security or collateral for PSB Loans in 59 minutes.
Q. What is the turnaround time for this loan?
A. psbloansin59minutes.com takes 7-8 days working days to disburse the Loan Amount after the Loan Application has been approved.
Q. How can PSB Loans in 59 minutes be contacted?
A. For any queries related to small business loans, pabloansin59minutes.com can be contacted by calling at +1800 103 7491 (Toll-free number), 079-41055999, or email them at firstname.lastname@example.org
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 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 is approved.
Q. Do I need to provide fees for registration?
Ans. No, there is no registration fee to apply for PSB loans.
Q. Do I need to pay any charges towards availing a PSB Loan?
Ans. Yes, there shall be a defined processing fee that you will have to pay at the time of loan approval.
Q. How do I check the status of my loan application?
Ans. To check your loan application status, you can simply visit the bank’s official website keeping the loan application number or reference number handy.
Q. What is a Collateral-free Loan?
Ans. Collateral-free loan is an unsecured loan in which an applicant is not required to submit any collateral or security with the respective bank or lender in order to avail any loan. The collateral or security if required to be deposited comes in various forms and types, such as residential or commercial properties, equipment, machinery, stock, inventory, raw materials, goods, gold, vehicles, etc.
List of Banks/Lenders offering PSB Loans in 59 minutes