MSME sector is an important pillar of the Indian economy. It is a vast network of around 30 million business units and is monitored by the central government of the country. The government offers the sector with financial assistance to keep the business running. There are several MSME loan schemes offered by the government. For the same purpose, the government has launched its new scheme – MSME loan in 59 minutes. The loan product is available on an online portal – PSBLoansonline.
The online website is a marketplace where business owners can apply for a business loan from Rs. 1 lakh to Rs. 5 crores. The business loan interest rate starts from 8.50%. The initiative is taken by the government to promote self-employed business owners in India by reducing the loan approval process.
The loan is approved within 59 minutes. Thus, the 30-day approval process is reduced to just 59 minutes. The loan amount is disbursed within 7-8 days.
Features & Benefits
The amount starts from just Rs. 1 lakh and goes up to Rs. 5 crores. Thus, it can help all the business owners meet their business requirements, whether big or small.
The rate of interest for MSME loans in 59 minutes starts from just 8.50%.
The entire loan process for a small business loan is super quick and hassle-free. The required documents are very minimal.
There is no human intervention in the entire loan application process till the stage of disbursement. The eligibility is tested through the applicant’s financial profile.
The entire loan application process is very convenient. The applicants can apply for a loan multiple times at one go.
The platform is safe and secure and can be trusted with personal information. It secures the data with the highest level of security.
The platform is integrated with the latest facilities like GST, Income Tax Return, and Bank statements, to help in fast decision making of the business loan application.
Documents Required for MSME Business Loan
The applicant can apply for an MSME loan with the following documents:
- GST Details: the applicant has to provide GSTIN (GST Identification Number), GST user name, and OTP.
- Income Tax Details: the applicant has to provide the latest three-year ITR in the XML format.
- Bank Statement: bank statement of the previous six months in the PDF format. The applicant can make maximum upload the bank statements of his three bank accounts. It is suggested that he upload the statement of the major bank activities.
- Details of the business loan required
- Proprietorship/Partners/Directors details
- E-KYC documents of the applicant
How to register for a Loan?
The applicant has to follow the following steps to apply for an MSME loan in India:
- Go to the MSME Loan in 59 minutes website, PSB Loans in 59 minutes.
- Next, register yourself by filling name, email address, and mobile number — then click on GET OTP.
- Enter the OTP received on the mobile number.
- Agree to the Terms and Conditions in the checkbox. Then click on proceed.
- Don’t forget to create a password for the account for future reference.
Things to keep in Mind
PSB or MSME loan is focused on automation of the loan process where the borrower can get eligibility letter as well as approval for a loan in less than 60 minutes. The applicant can choose the bank from the given list for a smoother application process.
- The loan amount is between Rs. 1 lakh to Rs. 5 crores.
- The MSME loan interest rate starts from 8.50%.
- Loan processing takes 59 minutes. However, the amount is disbursed in 7-8 days.
- The entire loan application is without any human intervention until the disbursement stage.
Eligibility for Business Loan
For the business which is already in operations, it should be GST and IT compliant and have at least six months of a bank statement. The eligibility for the loan will be determined on the following factors:
- Income/revenue of the business
- Repayment capacity of the borrower
- Existing credit facilities
- Other factors set by the financial lender
Frequently Asked Questions
Q. What are MSME loans?
A. MSME stands for Micro, Small, and Medium enterprises. The loan specially designed for these enterprises are MSME loans.
Q. What is PSB Loan?
A. PSB loan is an online portal or marketplace, introduced by the central government. It aims to help small businesses in their growth by providing financial assistance to them. All the businessmen can apply for small business loans through the PSB portal to meet his small as well as big business requirements.
Q. What is the loan amount offered under MSME loan in 59 minutes?
A. The loan amount starts from Rs. 1 lakh and goes up to Rs. 5 crores.
Q. What is the rate of interest for MSME loan?
The rate of interest for MSME Loans starts from 8.50% p.a.
Q. In how many days the loan is processed and sanctioned?
A. The loan application is processed within 59 minutes. The applicant is communicated about his eligibility in the same time. However, it takes 7-8 days for the disbursement of the loan amount.
Q. What is the process for the business loan?
A. For any business owner who would like to expand his small business, can apply for the loan at www.psbloansin59minutes.com. First, he needs to register himself with his basic details. Once the profile is registered, the applicant will be asked a set of questions. He also needs to furnish the GST details, bank statements and details, and the purpose of the loan.
In the final stage, the applicant will be shown a list comprising of the banks that offer loans and also those match the applicant’s profile. He can select any bank as per his choice and proceed with the loan application.
Q. How can one contact MSME loans in 59 minutes?
A. For any queries, the applicant can call at the toll-free number, +1800-103-7491 or write an email at firstname.lastname@example.org.