PSB Loans in 59 minutes - Everything You Want to Know About

Prime minister Narendra Modi on 2nd Nov 2018 announced a special Diwali Gift to Micro Small and Medium Enterprises (MSMEs) in India.  PSB loan in 59 minutes has launched a quick business portal that enables individuals to avail loans for new business set-up & to expand an existing business by the Indian Government. Under this scheme, borrowers can expect a loan of up to 1 Cr to fulfill their business-related needs too in less than 59 minutes. This is an end-to-end digitalized portal.   

What is PSB loans in 59 minutes?  

The PSB loan in 59 minutes is a digital lending business platform, developed to provide advanced technology backend loan solutions. This initiative was taken to ease the borrowing system & promote self-employment. This PSB portal ensures seamless in-principal loan approval.  

Generally, business loan approval takes almost 25 days while applying through PSB portable enables borrowers to get loan approval in less than 59 minutes from public & private sector banks (PSBs) and Non-Banking Financial Companies (NBFCs).  

Key features: -  

• Advanced Technology Backend Loan: It's a fully non-human intervention loan process, starting from application to disbursement.  
• Interest Rate: PSB loans offer attractive interest rates begins from 8.50% onwards p.a.  
• Loan up to 5 Crore: Under PSB loans in 59 minutes, business individuals can avail loans ranging from 1 lakh to 5 Cr.  
• Less Documentation: The entire loan process is digital & requires less documentation.  
• Multiple applications at one platform: Making borrower's process more convenient, PSB allows multiple applications under a single platform.  
• Govt Integrated Facilities: Apart from assisting with loans; the portal includes facilities like GST, Bank Statements & Income Tax returns..etc.  
• Safe & Secure: PSB website is highly secured your shared information will not be misled.   

Details of PSB loans  

 
Eligibility Criteria for PSB loans in 59 minutes  

• Any micro, small, medium & enterprises are eligible to apply  
• Businesses must generate profit for at least 1 year  
• Existing units must have GST registration  
• Businesses should file ITR for the last 2 years  
• The credit history of the applicant needs to be good  

Document Required  

The following are the documents required for PSB loans application, keeping paper in handy makes the process hassle-free.  

• Duly Filled Application: Complete loan application with passport-sized photographs  
• E-KYC of Applicant: Verify identity & address proof digitally via Adhaar authentication.  
• For GST verification: GST Username & GST Identification Number  
• Income Tax Details: Last 3 Years ITR with computation in XML format.  
• Bank statement for last 6 months in PDF format: Borrowers can upload a bank statement with a maximum of 3 bank account details using the PSB portal.  
• Details of proprietorship/partners/directors  

How to register with PSB loans in 59 Minutes?  

Step 1: - Visit PSB loan website psbloansin59minutes.com & click on register.  

Step 2: - To get registered, you will be asked to enter your full name, valid 10-digit mobile number, Gmail address and click on Send OTP.  

Step 3: - Enter the OPT that was received to your given mobile number.  

Step 4: - Now, tick on the check box after reading the terms & conditions.  

Step 5: - Few details need to be entered & click on proceed, instantly a screen will display where you must create a password for future login credentials.  

How to apply for PSB loans in 59 Minutes?  

• First of all, click on the login button to enter the user ID & password.  
• Select your profile as a business for business or MSME for MSME loan  & click on proceed.  
• Profile creation requires PAN Card, GST details, ITR in XML format and bank statement for the last 6 months in PDF format.  
• Respectively, upload ITR details & bank statements in mentioned format and click on proceed.  
• Enter your business details & existing loan information if applicable.  
• Select your preferred bank from which you want to avail a loan.  
• All given details will automatically fetch data & calculate your loan eligibility.  
• If your profile suits the requirements, they will share with you an in-principal approval to your registered Email address.  

Also Read:- Know All About Mudra Loan Eligibility for New Business