Are you thinking of setting up MSME i.e. Small and Medium Enterprises? Do you want to expand your established industry? If yes, then you can get a loan of up to 1 crore in just 59 minutes. The loan is being given by the government in 59 minutes to start the business and to expand the already established industry. In Budget 2019, such an arrangement has been given by Finance Minister Smt Nirmala Sitharaman.
The central government says that now any businessman will not face any kind of problem due to money problems, the government is ready to provide all kinds of assistance. Let’s understand how to get an MSME loan in 59 minutes.
Loan in 59 Minutes: What is MSME?
Before proceeding further, understand what is MSME? The full name of MSME is Micro, Small & Medium Enterprises. According to the official definition, it covers small and medium-sized businesses and industries, which cost between 5 lakh and 2.5 crores. This cost is inclusive of the cost of the machine and the salary paid to the employees.
The special scheme brought by the government: Loan in 59 minutes
To further expand the MSME sector by the central government, a scheme called “MSME loan in just 59 minutes” was launched in 2018. Now this plan has expanded to the MSME loans up to a maximum of Rs 1 crore in just 59 minutes.
Procedure for Getting MSME Loan
First, the small-scale industry owner has to register himself and his industry by visiting the scheme’s online portal www.psbloansin59minutes.com. After this, a scanned copy of all the necessary documents will have to be uploaded on the portal itself.
The most important thing is that this portal will automatically verify all the information provided by you. After this, if you are eligible for the loan, the loan amount asked for will be transferred to your account within 1 week after completion of your formalities. There is no need for approval from any bank or officer.
Read More: MSME Loan in 59 Minutes: Eligibility, Documents, Interest Rate
Who Are Eligible for the Loan Scheme in 59 Minutes?
All those industries which meet the requirements of MSME (Micro Small and Medium Enterprises). Apart from this, no guideline has been set yet.
Documents required for MSME loan
- Bank account information for your industry which includes the last six-month transaction
- Must add IT account and GST account of your industry, you need to have all documents related to the tax section
- Scan your KYC form and submit it online
- GSTIN and GST user id and password
- Copy of income tax return e-filing
Banks Covered Under MSME Loan Scheme
The government has given the charge to the Small Industries Development Bank of India for this scheme. Also, 5 public sector banks are involved. But there is also a facility that the applicant can choose his bank. Following are the names of banks:
- Small industries development bank of India· State Bank of India
- Bank of Baroda
- Punjab National Bank
- Indian Bank
- Vijay Bank
- Allahabad Bank
- Andhra Bank
- Bank of India
- Bank of Maharashtra
- IDBI Bank
- Syndicate bank
- UCO Bank
- Union Bank
- Oriental Bank. Etc.
- Etc. such as banks involved, this number is long.
It has been started by the government to promote the service enterprise. If you also want to start or have started your own business, and that business comes in MSME loan service, then you too can apply for an MSME loan without delay and start expanding your business.
MSME: ZipLone Offers Business Loans on Very Short Terms
‘ZipLoan’ is the leading NBFC ie non-banking financial company in the fintech sector. The company provides loans to micro, small scale industries. To increase business, business loans ranging from 1 to 7.5 lakh on very short terms are provided in just 3 days.
There are very few terms to get a business loan from ZipLoan
- The business should be at least 2 years old
- The annual turnover of the business should be at least more than 10 lakhs
- ITR filed last year should be Rs 1.5 lakh or more
- Either one of the houses or places of business should be in its name
There are many advantages to taking a business loan from ZipLoan
- The amount of business loan is available within 3 days* of applying. (This facility is available when necessary paper documents are available)
- The loan can be applied online from home through the website or the mobile app
- The amount of business loan is prepayment free after 6 months
- You can repay the loan amount between 12 to 36 months