MSME micro small medium enterprises are known to be key players in developing economic growth of the country & eventually creating vast number of job opportunities. No matter how big or small a unit is each & every business is contributing to raise GDP.
Constraints faced by business owner & upcoming entrepreneurs is lack of finance due to which their innovative ideas & skills are being unused.
To encourage entrepreneurs participation PSB Loan in 59 Minutes for MSME scheme has been initiated by the Government of India. The main objective of this scheme is to process loan applications in less than an hour as earlier it takes almost a month. Within an hour receiving an approval letter – further processing the same with bank maximum takes 8 days to get disbursement. Continue reading to know more details about the scheme.
What is PSB loan in 59 minutes?
Various public sector banks (PSB) together hand joined & formed a single online platform initiated a scheme known as MSME/PSB loan in 59 minutes. This scheme allows borrowers to avail loan upto 5 Crore to enhance the business scale.
Key Features -
- It aims to promote self-employment & strengthen business participation.
- Get loan ranging from 1 lakh to 5 Crore in less than 59 minutes.
- Simplified processing with minimal documentation.
- As the loan process is fully digital, all details received from customers are highly secured.
- Covid pandemic hit the industry worse & reduced loan availing ratio, to stabilize employment opportunities as well as self-employment growth PSB loan in 59 minutes PNB launched to ease loan availability.
Also Read:-Business Loan for Startup
List of Banks offering PSB loan in 59 minutes Scheme
Below listed are the mandatory requirements that needs to be met prior to loan application.
- Applicant must be a resident of India
- Existing business must have GST Compliant
- Cash flow statement of 6 last months
Eventually, there are certain factors considered by lenders for approving loan such as revenue generation, repayment capacity of borrower, existing credit & other terms & conditions set by lenders.
Documents Required for PSB loan in 59 minutes
MSME/PSB loan in 59 minutes requires the following documents to be submitted at the time of loan application.
- Proof of Identity (Any one of the following)
- Aadhar Card
- Voter ID Card
- PAN Card
- Driving License
- Proof of Residence (Any one of the following)
- Electricity Bills
- Water Bills
- Ration Card
- Lease/Rent/Property own agreement
- Details of good & service tax (GST): -One of the most considered documentations is GST – Lender review to check business status & operational scope respectively.
- Details of income tax returns:- Make sure latest income tax returns is submitted in acceptable XML format.
- Last 6 months bank statement: - To complete the application process, bank statement of at least 3 bank accounts needs to be submitted.
Also Read:-Bank Overdraft Meaning
How to apply for PSB loan in 59 minutes?
Follow below steps to apply for MSME/PSB loan in 59 minutes: -
Step 1: - To get started the loan application process visit PSB loan in 59minutes official website & click on apply now.
Step 2: - Now register yourself with entering your full name, email ID & mobile number & generate OTP – enter the same on required field.
Step 3: - After the successful registration new screen with basic question will appear where you have to answer by clicking yes or no option & tap on the button next step.
Step 4: You will be asked to enter the GSTIN number & password along with income tax information too shall be shared via uploading in XML format or login through PAN No & Date of Incorporation related details.
Step 5: - To share banking statement you can login with net banking credentials & provide access financial statements access to lenders or last 6 months bank statement in PDF format needs to be uploaded.
Step 6: - Enter details of director,proprioter & business address.
Step 7: - Select the purpose of loan along with previous/existing loan details availed for business purposes.
Step 8: - Multiple banks offering PSB loan where you have to select your preferred bank.
Step 9: - Mandatory convivence fee is charged of Rs.1000 + taxes to process application further.
Step 10: - Once you make a payment within 59minutes in principal approval letter will be shared to your registered email address.
Pradhan Mantri Rozgar Yojana Scheme FAQ
What is the loan amount in PSB Loans in 59 minutes?
Under this scheme borrowers can get loan ranging from 1 lakh to 5 Crore depending on requirements & other certain factors.
What is PSB Loan in 59minutes SBI Interest rates?
Generally, bank to bank interest rates get differed but starting rates are 8.50% Onwards.
How much time is taken to get disbursement?
Approximately it takes 7 –8 days to get a loan disbursement from your preferred bank.
Who are eligible for MSME loan in 59minutes Loans scheme?
Any self-employed business with GST compliant as well as good cash flow management are eligible.
How to track loan application status?
It's much easier to track loan application status. With application number/reference you can check the status by visiting applied bank official website.
Does any collateral is required to get PSB Loan?
No, it's not mandatory to pledge any collateral/assets in aspects to get a PSB Loans.
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