PM Narendra Modi has launched a loan scheme for medium, small and micro enterprises (MSME) sector where one can get a loan up to Rs 1 Crore in just 59 minutes. The govt has also introduced a portal “PSB Loans in 59 Minutes” which will issue loan approvals for up to 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (State Bank of India, Punjab National Bank, Bank of Baroda, Vijaya Bank & Indian Bank). The interest rates will start at 8%. So in this article, we will discuss how you can apply for MSME loans at psblaonsin59minutes.com portal. Scroll down to know more.
Registration on PSBLoansIn59Minutes.com
For registration, you only need a valid email ID and a mobile number. Any person can signup on psblaonsin59minutes.com and receive an in-principle approval. Also, you don’t need to pay the registration fee.
- Visit PSB Loans in 59 Minutes Website from here
- You will see a form in which you have to enter the Name, E-Mail Address and Mobile Number
- Now click on “Get OTP.”
- You will receive the OTP received on the Mobile Number provided
- Now Tick on the “I agree to Terms and Conditions” option >> “Proceed.”
- Finally, create a Password to complete the registration process
Required Documents to Avail PSB Loans in 59 Minutes
Before you apply for MSME Loan, you need to have the following documents with you.
- GST Identification Number.
- Income tax returns (in XML format)/ PAN and date of incorporation,
- Last Six Month Bank statement in PDF format or Internet banking credentials.
- Details of director and owners and other basic ownership details.
How to Apply for PSB Loans in 59 Minutes?
After successful registration, you can apply online for loan approval for Rs 1 crore loan in 59 minutes. Follow below steps.
- Once you log in, Just answer four simple questions about GST registration, filing Income Tax returns etc.
- On the next page, provide GST details like number, username and password
- Now provide tax info by uploading your tax returns in XML format or you can also login with your tax credentials.
- Upload your bank statements or log in net banking
- Provide loan info such as about your business, the purpose of loan etc
- Select the bank from where you want a loan and pay fee of Rs 1,000 + GST.
- On receiving the In-Principle Approval, the branch will contact you shortly for due diligence proceedings, or you can visit the selected branch with a copy of the In-Principle Approval Letter.