The government of India introduced a quick business loan portal for the individuals who wish to expand their existing business. Under this scheme MSMEs can get loan amount from Rs. 1 Lakh to Rs. 5 Crore in less than 59 minutes from public and private sector banks and Non-Banking Financial Companies (NBFCs).The government of India introduced a quick business loan portal for the individuals who wish to expand their existing business. Under this scheme MSMEs can get loan amount from Rs. 1 Lakh to Rs. 5 Crore in less than 59 minutes from public and private sector banks and Non-Banking Financial Companies (NBFCs).
1. Loan Amount starting from Rs 1 Lakh to Rs 5 Crore: PSB Loans in 59 minutes helps in providing loan amount starting from Rs 1 Lakh to Rs 5 Crore to all the business individuals so any business requirement small or big can be met easily with the mentioned loan amount.
2. Rate of Interest: The rate of interest for PSB Loans in 59 minutes starts from 8.50% onwards
3. Minimal Documentation: With PSB Loans in 59 minutes, the entire process of a Small Business Loan for MSMEs is expected to become super quick and hassle free that too with minimal documentation
4. Advanced Technology Backed Loans: PSB Loans in 59 minutes processes the loans without human intervention till the stage of sanction or the disbursement. The analysis process is done from the various sources of the loan applicant’s financial profile
5. Apply at Multiple Banks: PSB Loans in 59 minutes provides a convenient process for the loan applicants who can apply for a Small Business Loans at multiple times in one go
6. Safe and Secure: The platform understands the safety of the information given by the Loan Applicants. The entire data of the applicants is safe and secure with the highest level of security
7. Integration with Govt. Facilities: PSB Loans in 59 minutes is integrated with the latest facilities like Income Tax Return, GST, Bank statement so it helps in decision making of the loan application
For the Business which already exist the borrower should be GST, IT compliant and should have Six Months Bank Statement. The Loan Eligibility will be determined on the following factors:
• Income/Revenue
• Repayment Capacity of the Borrower
• Existing credit facilities
• Other factors set by the Financial Lender
The Services which are included in our package are as Follows:
✅ Documents preparation
✅ Preparation of Application
✅Application Filing
✅ In Principal Approval Letter
1. Pan Card of the Company /LLP or Firm
2. Certificate of Incorporation, MOA & AOA
3. GST Certificate
4. Passport Size Photograph
5. Latest 3 years’ ITR in XML format
6. Utility bill (electricity, telephone, water, gas, post-paid mobile phone, property tax)
7. Income/sales tax returns
8. Bank account statements
9. Last 6 months’ Bank Statement in PDF Format: The Loan Applicant can upload Bank Statement for maximum 3 bank accounts on the portal. It is preferable to upload the Bank Statement having the major bank activities
10. Details of the Loan Required
11. Details of Proprietorship/ Partners/ Directors
In case , Department is not satisfied with the Documents Uploaded The Said Application stands Cancelled.
Step -1: Arrange all Required Documents: The first step is to arrange all the documents and send the same over the email / WhatsApp to us. Once all the Documents are Received, we will Start the Further Process.
Step -2: Documentation: The next Step is Preparation of Documents to be Submitted at Department.
Step-3: Filing of Application: The Next Step is Submission of Application at Department
Step-4: In Principal Approval Letter: After Submission of Application and scrutinity of Documents, Department Issues In Principal Approval Letter or Rejection letter, whatever the case it may be.
Q. What is PSB Loan in 59 minutes?
A. PSB loan in 59 minutes is an online marketplace, introduced by the government of India with the aim to provide Business Loans to MSMEs in a process which can approve Loan Application in 59 minutes. So, the businessmen can apply for a small business loan through PSB Loan to meet their business requirements.
Q. Can i get home loan or personal loan from PSB Loan in 59 minutes?
A. Yes, you can get home loan and personal loan both from PSB Loan in 59 minutes. The interest rate and loan amount will depend on the monthly income, repayment history, etc. of the applicant.
Q. What is the Loan Amount PSB Loan in 59 minutes offer?
A. The Loan Amount starts from Rs 1 Lakh to Rs 5 Crore.
Q. What is the Rate of Interest for PSB Loan in 59 minutes?
A. PSB Loans have Interest Rate starting from 8.50% onwards.
Q. What are MSME Loans?
A. MSME stands for Micro and Small Medium Enterprises that are run by entrepreneurs. MSME loan is a type of Loan that is provided to entrepreneurs and Business Individuals who can apply for a Loan to improve their existing Business.
Q. Does the borrower need to provide collateral for PSB Loan?
A. It is not necessary for the borrowers to provide security or a collateral for PSB Loans in 59 minutes.
Q. What is the turnaround time for this loan?
A. PSB loan in 59 minutes takes 7-8 days working days to disburse the Loan Amount after the Loan Application has been approved.