Are you running a small or medium size business? But worried about the funding or having a hard time getting a loan? We have good news for you. Recently our honourable Prime Minister Shree Narendra Modi has launched a loan scheme where small and medium businesses can apply and get a loan up to Rs 1 Crore in just 59 minutes. Govt. has also started its portal called PSBLoansIn59Minutes.com where loan seekers can apply online. In this article, we will describe how to apply for PSB Loans in 59 Minutes, eligibility criteria and interest rates. So, let’s get started.
PSB Loans In 59 Minutes
From the very beginning, micro, small and medium size enterprises are heavily suffering due to funding problems, and the process of getting a loan from the bank was very long, time-consuming and confusing. But now, enterprises can directly apply for a loan using the online platform provided by the department of financial services, the government of India called PsbLoansIn59Minutes.com.
PM Narendra Modi launched this portal on 2nd November this year by calling it “Diwali Gift for the MSME Sector”. The process adopted in this new online loan portal is completely automatic. So, enterprises do not need to apply for a loan and wait for months anymore. The availing loan with required eligibility criteria is very easy, straightforward and takes not even a day, but 59 minutes only.
Minimum and Maximum Loan Amount
The minimum loan amount that can be applied for, via this portal is 1 Lakh, and the maximum amount is set to 1 Crore. All MSME will get In principle approval of business loans from SIDBI and 5 Public Sector Banks (SBI, PNB, Bank of Baroda, Vijaya Bank and Indian Bank).
There is no fixed interest mentioned. However, Interest rates will start from 8%. It will depend on business to business and the credit rating. It can be known during the final verification of submitted details by the selected bank.
Now let’s see the exact documents needed to apply for PSB Loans in 59 Minutes through the online portal launched by the PM:
- First of all, the business owner needs to keep the GST id number ready.
- Then the income tax returns should be gathered in XML format.
- PAN card of the company and the date of incorporation is also required during the process of application.
- All the bank statements for the last six months is needed in PDF format.
- Directors and owners details should be ready.
Once you have all these documents in the mentioned format, you are ready to apply for the loan.
How to Apply for PSB Loans in 59 Minutes Online?
Now let’s see the exact steps you need to follow in order to apply for the 59 minutes loan through the portal:
- First of all, go to the PSBLoansIn59Minutes official website here. Then click on the Register option from the top right corner. A sign-up form will appear.
- Enter the individual name, email id and mobile number. Verify the mobile number by entering the one time password provided by SMS. Then check the “I agree” option and click on Proceed option.
- Then fill all the required fields with the asked details about GST registration of the company, IT returns and other information about your business and proceed.
- On the third step, you need to enter your GST number, username and password and hit the submit button.
- Now the file upload options will come where you need to select and upload the required documents such as GST returns in XML format; IT returns details, PAN card info and the date on which your company was incorporated. Upload all those files in asked format and submit.
- Then you need to provide your bank account details. Upload the scanned copy of your bank statements. Or there you will also get the option to log in to your internet banking account to directly send details via the portal itself. Do not worry; your data will stay protected.
- On the next page, there will be various fields asking about your company details like address, information about properties and details about the directors of the enterprise. Once you fill all the required fields, proceed to the next step.
- During the seventh step, you just a few clicks away from completing the application for a loan online on the PSBLoansIn59Minutes portal. Now you need to explain why you need the loan and give details if you have already taken any loan previously and information about any collateral security.
- Proceed to the next step to see the bunch of banks to choose from. Just choose your preferred bank and click on the Proceed button next to the bank listings.
- Now you need to pay the convenience fee of Rs 1000 plus GST via online.
- Once you have made the payment online, your registration will be successful, and you will see a congratulations banner on your screen!
- Now you can download the approval letter which represents the sanctioning of your loan. You may also need to provide more details about the company on demand of the bank you have applied to via the portal.
Some FAQs About 59 Minutes Loan
Hope you got a decent knowledge about the PSB loans which can be applied for in just 59 minutes. Now share your thoughts or any other questions in the comments below.