The announcement to offer Business Loans/MSME loans within 59 minutes by the Government of India came as a festive gift on 2nd November 2018. A quick business portal was launched to assist individuals who are willing to expand their existing businesses. The Government scheme promises to offer business loans up to Rs 1 crore.
Key Features of PSB Loans
- Personal loan and Home Loan – Along with Business Loan, now Personal Loan and Home Loan is also available under PSB Loans under 59 minutes. Applicants willing to opt for the loan can log in to the portal and fill the digitized application form.
- Associated Banks - According to the finance department all loans, will be sanctioned through small industries development banks or SIDBIs. 19 PSU’s have also been roped in for the cause.
- Interest Rate - From business to business and according to the credit ratings interest rates vary.
- Minimum Documentation – The entire process is quick and hassle-free with minimum documentation.
- Integration with Government Facilities – Facilities like Income Tax return, GST Bank Statement is integrated with the PSB loans in 59 minutes.
- Total Amount attainable – The loan offers are up to the amount of Rs 5 Crore.
- Technological Integration – Various technological integrations provide certain ease to credit decision making.
- Convenience – It eases the borrower to apply for loans from multiple lenders at one go
- Unique – It is a very unique platform that is in sync with the banking process laid down by the lenders.
- Security- The information shared on the website is highly secured.
Eligibility & Document Required for PSB loan
Companies falling under the criteria of micro, small or medium scale will be allowed to apply for this scheme.
✔ Loan Application – Complete application form.
✔ GST Verification – GST user name and GST Identification Number (GSTIN).
✔ Income Tax Details – Latest 3 years ITR.
✔ 6 months Bank Statement – Borrower is required to upload a minimum 3 - month bank statement.
✔ Details of Proprietorship/Partners/Directors
✔ e-KYC Documents of the loan applicant.
What is PSB Loans in 59 minutes?
The initiative of PSB Loans to provide easy financing to MSME Businesses and promote the self-employed business model in India, an online marketplace was launched by the Government of India. This initiative aims at approving the business loan in 59 minutes thus reducing the usual long disbursal process from 30 days tentatively to 7-8 working days if approved. This initiative has helped reduce the long queues at the bank. The loan offered under this scheme ranges from Rs 1 lakh to 5 Crore. This business loan is offered at an interest rate of 8.50% onwards.
- The portal was launched by the Narendra Modi Government and according to the latest figures, more than 50,706 proposals have got in-principle approvals and 27,893 proposals have been sanctioned as on 31st March 2019.
- In a recent statement by PSB loans in 59 minutes, applicants can now get-in-principle approvals from 19 PSBs including the State Bank of India, Punjab National Bank, Bank of Baroda and Union Bank of India.
- The “59 Minutes” scheme uses advanced algorithms to analyze data points from several sources such as income tax returns and bank statements. - According to a statement.
Launch Details of PSB Loans
PSB Loans in 59 Minutes
Finance Minister Shri Arun Jaitley
Micro, Small and Medium Enterprises Department
How can I get PSB loan in 59 minutes?
To apply for the loan, the borrower is required to proceed with the following steps:
- Visit the official site of PSB loans in 59 minutes.
- Click to register as a new user.
- Fill all the details of name, email ID and mobile number. An OTP will be sent on your registered mobile number which will have to be entered.
- Click to proceed.
- Click on “Login” and follow the instructions. Upload the necessary documents. Once all the things are in place, the loan gets approved in 59 minutes.
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