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.
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.
Registered Address:
B. R. Chandak Market, Marwari Patty, Ward No. 6,
Jorhat, Assam – 785001
RBI License Number: 08.00080
We strictly comply with RBI guidelines and have instituted a robust Grievance Redressal Cell to address all types of complaints. Our approach to lending is responsible — we offer loans that are easy to repay and ensure our recovery practices are ethical. We do not use any forceful or coercive recovery methods.
If you have any concerns, we will handle them with the utmost seriousness and aim to resolve them within five working days.
9863-02-02-02