Ministry of Micro, Small & Medium Enterprises (M/o MSME), TO develop such MSME business government launch and offer the scheme to build business and get ventures with financial help. There is an option to get various loan option which is active, Government of India has started a new portal that gives/helps loan up-to one crore in just 59 minutes.

Scheme Details :

Portal Namepsbloansin59minutes.com
Launch ByArun Jaitley (Finance Minister)
Scheme NameSmall Business loans in 59 Minutes
Start dateSeptember 2018
Handle& Supervised byMinistry of Micro, Small & Medium Enterprises
Target BeneficiariesMicro, Small & Medium Enterprises
Maximum Amount1 Crore*

How to get Apply For PSB 59 Minutes Loan Online

  1. Open the official loan website psbloansin59minutes.com
  2. Complete the Registration process by filling details like Name, Email id and mobile number, Click on “Get OTP” Verify with an SMS code.
  3. In the next page show the necessary and knowledgeable information regarding loan you need to fill ‘yes’ or ‘no’ after select button process with continuing in to move next step.
  4. This step is regarding GST number, Require to input GST details, like GST number and password, as per income tax information, You can choice ITR copy or XML format file which connected with PAN Card and other details.
  5. Now, Upload past 6-months official firm/enterprise bank account statement, can be uploaded PDF or Bank with bank stamp statement copy, There is an option to log in with Net-banking to link and get fetch data from bank account directly.
  6. Now Fill the registered Directors, Proprietor, Owner Personal name details and Company Physical address.
  7. In this Step require to select Purpose of the loan and fill the information of current other investments that have assigned in the past or currently working.
  8. Select the bank through which you want to processed loan, Interest of credit shall be different between banks.
  9. Pay the Convenience fee (Processing fee) of Rs.1000 (Taxes extra) for approval.
  10. An approval letter will assign, Can be delayed due to process delay from the bank.

Also Read about : Digi Dhan Vyapar Yojana

Easy Explaination in 5 Step

  1. Provide GST Identification Number
  2. Upload Income tax returns (ITR) in XML format
  3. Last six month Bank statement in PDF Format
  4. Personal, basic, education qualification details of Director/Owners
  5. In-principle Approval in 59 minutes

Read FAQ here

Require Document for 59 Minutes loan

  • GST Details : Enterprise require Goods and Services Tax Number details with ID codes.
  • Income Tax Returns : Income tax details and e-filling integration details needed in primary basis.
  • Bank Account Statement : Bank Account statement in PDF file version for last six month.
  • Proprietor details : Require the owner’s personal and business paper details.
  • KYC – Loan taker need to have a digitized version of KYC (Know Your Customer) form.

Read this also – Mudra Loan

Supporting Bank List and Names:

  • State Bank of India
  • Bank of Baroda
  • Panjab National Bank
  • Indian Bank
  • Vijaya Bank
  • Allahabad Bank
  • Andhra Bank
  • Bank of India
  • Bank of Maharashtra
  • Canara Bank
  • Central Bank of India
  • Corporation Bank
  • Small Industries Development Bank of India (SIDBI)
  • The Industrial Development Bank of India (IDBI)
  • Indian Overseas Bank
  • Oriental Bank of Commerce
  • Punjab & Sind Bank
  • Syndicare Bank
  • UCO Bank
  • Union Bank
  • United Bank of India

Key Features

  1. Financial assistance: From the scheme for MSME category business get financial assistance.
  2. Amount: As per Press Releases and announcement by Finance Minister, Loan can be approved upto Rs.1 Crore
  3. Business type: This loan scheme can be eligible from both status of business which New or established
  4. Money transfer: After all the process passed and approval, the final amount of loan transfer in 7-8 Days.
  5. Subsidy: There is no any subsidy and other financial interest help from government information provided.
  6. Interest Rate: Interest Rate of loan can depend on Business Credit score.
  7. Associated Banks: As mention above in this article, Those bank in partnership with psbloansin59minutes.

Conclusion

Any firm/enterprise/business which registers under the category of Ministry of Micro, Small & Medium Enterprises (M/o MSME) can be eligible for this PSB loan Scheme, thus must be first registered under the MSME, then after easily apply Udyog Aadhar memorandum so you can use for loan see above features, require documents and processing steps. Above information that provide you brief details that how to get a business loan in just minutes that can be up to 1 crore Indian rupees it must be required MSME business to get eligible and get a loan by psbloansin59minutes which handle by the government.

12 COMMENTS

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  3. I have my firm’s account in HDFC Bank. Do I need to have the account in any of the banks listed as Partner Banks before applying for loan on psbloansin59minutes

    Please help in this clarification.

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