PSB Loan in 59 Minutes for MSME

On 2nd November 2018, Prime Minister Narendra Modi announced the MSME loan (Micro, Small, and Medium Enterprise) in India. It is the key player in developing the growth of the economy of the country and initiates an opportunity for a large number of jobs. It is an online marketplace. 

PSB loan launched a business portal that allows the borrower to get a loan to enlarge an existing business or start a new business at an interest rate of 8.50% p.a. onwards by the Indian Government. Under this scheme MSME can avail approval of loan amount from RS. 1 Lakh to Rs. 5 crores within 59 minutes from Private and Public Sector Banks (PSBs), NBFCs (Non-Banking Financial Companies), etc. 

What is a PSB loan in 59 minutes?  

The PSB loan in 59 minutes is one of the huge schemes launched by the government that focus to elevate the credit off to take in the MSME sector an individual business person in the loan scheme of the public and private sector.  

Basically, approval for a business loan takes at least 25 days, but applying through the portal of PSB permits an applicant to avail loan approval within 59 minutes from PSBs and MSMEs. 

Key features: -  

• Avail loan ranging between 1 lakh to 5 crores in less than 59 minutes.
• The process of a loan is totally digital which does not require much documentation.
• It focuses to encourage self-employment and intensifying the participation of the business.
• The Attractive interest rate for PSB loans starts from 8.50% onwards per annum.
• The PSB loan website is the end to end encrypted and is highly secured.
• The portal consists of facilities such as Income Tax returns, GST, and bank statements.

Documents required for MSME / PSB loan in 59 minutes 

Given are the documents required while submitting the loan application for PSB loan in 59 minutes: -  

• Identity proof (Any one): - Voter ID Card, Aadhar Card, PAN Card, Passport.
• Residential proof (Any one): - Ration card, Water bills, electricity bill, rent/ property own agreement/ lease.
• Information about Income Tax Return (ITR): - Recent Income Tax Return should be submitted in acceptable XML format.
• Bank statement of last 6 months: - To finalize the application form bank statement of minimum 3 bank accounts required to be submitted in PDF format.
• Details about GST (Goods and Services Tax): - Banks verify to check the status of a business and operational scope.
• Application: - Loan application along with passport-sized photographs on it.
• Details of: - Partners/ directors/ proprietorship.

Eligibility criteria for MSME / PSB loan 

• Businesses should generate a profit of a minimum of 1 year.
• ITR must be filed for the last 2 years.
• Any micro, small, medium, and enterprise can apply for a PSB loan.
• The borrower should be a resident of India.
• An Existing business should have registration of GST.
• Last 6 months cash flow statements.
• The Credit history of borrowers should be good.

List of banks offering PSB loan schemes: -  

Steps to apply for a PSB loan

Given below are the steps to apply for MSME / PSB loan: - 

Step – 1: - Go to the official website of PSB loan and log in to your profile with User ID and Password. 

Step – 2: - Select your profile as a business or MSME loan. 

Step – 3: - Then, upload your required documents such as PAN Card, GST details, Income Tax Return (in Excel format), and bank statements (in PDF format) and click on proceed. 

Step – 4: - Enter all the existing information and business details as needed. 

Step – 5: - Then, enter OTP for the verification of email ID. 

Step – 6: - Select the bank from where you want to get a PSB loan. 

Step – 7: - All the provided information will automatically evaluate your loan eligibility. 

Step –8: - You will receive approval from the preferred bank. 

Therefore, knowing the facts for PSB loan in 59 minutes. Apply through financeseva for the best deals.