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

  • 02-Mar-2022
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  

Scheme Name PSB loans in 59 minutes 
Launched Date 2nd Nov 2018 
Portal psbloansin59minutes.com 
Target Sector Micro Small Medium Enterprises (MSMEs) 
Interest Rate 8.50% Onwards per annum 
Loan Amount Up to 5 Cr 

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

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