PSBloansin59minutes.com is an online marketplace, which enables self-employed professionals and MSMEs to apply for business loans and Mudra loan at an interest rate of 8.50% p.a. onwards. Under this loan scheme initiated by SIDBI, individuals and enterprises can get loan approval for amount from Rs. 10 Lakh to Rs. 5 Crore in less than 59 minutes from Public and Private Sector Banks (PSBs), NBFCs, etc.
For the Business which already exists the borrower should have a 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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- Rate of Interest: 8.50% p.a. onwards
- Loan Amount: Rs. 10 lakh – Rs. 5 crore
- MSME loan options from its 21+ partners
- In-principal approval in 59 minutes
- Minimal Documentation: Nominal paperwork required
- Advanced Technology Backed Loans
- 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 applicant
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Documents Required for Loan Application
Check the following documents required to apply for loans under 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 a 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
Step 1: Go to PSB’s Official website psbloansin59minutes.com and click on the register
Step 2: Register by filling in your 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
Steps to Apply
Step 1: Login into your profile by entering your user name and password at the official website
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
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Recent Developments as on June 2022
Total Number of Applications: 2,40,852
PSB Loans in 59 minutes: In-principle approval of loans up to Rs. 1 crore through the portal. The web portal is linked with GST portal.
- 2,40,852 numbers of loans, involving Rs. 81,690 crores have been sanctioned
- 2,23,507 numbers of loans, involving Rs. 66,256 crores have been disbursed
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. What is the turnaround time for this loan?
A. psbloansin59minutes.com takes 7-8 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 email@example.com.
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 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.
List of Banks offering PSB Loans in 59 minutes