The Government of India launched a quick business loan portal for individuals who wish to extend their existing business. Under this scheme, MSMEs can get loan amounts from Rs. 1 Lakh to Rs. 5 Crore in less than 59 minutes from Public and Private Sector Banks and Non-Banking Financial Companies (NBFCs).
PSB Loans in 59 Minutes is an online marketplace, that allows business individuals to apply for a Business Loan at an interest rate of 8.50% onwards.
This action was taken to ease the MSME business and promote a self-employed business model in India by reducing the loan approval process and long queues at the bank. PSB Loans 59 minutes aims to approve the business loan in 59 minutes, thus significantly reducing it from a long 30-day process and expecting to disburse it in 7-8 working days if approved.
PSB Loans in 59 minutes: Features and Benefits
- Loan Amount starting from Rs 1 Lakh: PSB Loans in 59 minutes provide loan amounts starting from Rs 1 Lakh to Rs 5 Crore. All business individuals with business requirements small or big can get benefits.
- Rate of Interest: The interest rate for PSB Loans in 59 minutes starts from 8.50% onwards per annum.
- Minimal Documentation: PSB Loans in 59 minutes, the complete process of a Small Business Loan for MSMEs is supposed to be super fast and hassle-free that too with minimum documentation.
- Advanced Technology Loans: PSB Loans in 59 minutes prepare the loans without human interruption till the stage of sanction.
- Apply at Multiple Banks: The loan applicants can apply for Small Business Loans multiple times in one go.
- Safe and Secure: The entire data of the applicants is safe and secure with the highest level of security.
- Integration with Govt. Facilities: It is integrated with the latest facilities like Income Tax returns, GST, and Bank statements so it assists in the conclusion making of the loan application.
Documents Required for Loan Application
Check the following documents required to apply for PSB loans in 59 minutes:
- Loan Applicant with existing business can apply for a small business loan with the following documents:
- GST Details: GST Identification Number (GSTIN) and his / her GST ID and password.
- Last 6-month bank statement in PDF format for all business-related accounts (maximum 3 bank accounts)
- Details of Income Tax: Latest 3 years’ ITR in XML format
- Info about the Loan Required
- Details of Proprietorship/ Partners/ Directors
- E-KYC Documents of the Loan Applicant
- Personal and educational details of the applicant.
Know your eligibility before applying for a business loan from psbloansin59 minutes.com:
- The business must be an existing one.
- The borrower should have a Login ID of psbloasnin59minutes.com, GST, and IT compliant and should have the last 6 months’ bank statement.
- Income/Revenue
- Repayment Capacity of the Borrower
- Existing credit facilities
- Other factors set by the Financial Lender
Things to Keep in Mind
PSB Loans in 59 Minutes centres on automating the loan process for MSME business loans. As a result, one can get an eligibility letter or approval in less than 60 minutes. The applicant can select the bank from the provided list for a smoother MSME loan process.
- The loan amount ranges from Rs 1 Lakh to Rs 5 Crore
- PSB Loan in 59 minutes Rate of Interest starts from 8.50% onwards
- The Loan Processing takes 59 minutes; reduced from 20-25 days
- Post the approval of the loan, the Loan Amount takes 7-8 working days to be disbursed.
- The Loan is processed without personal intervention till the sanction and/or disbursement stage.
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