MSME Loan in 59 Minutes: How to get MSME loan up to Rs 1 crore in 59 minutes

The government has launched a business loan approval scheme for MSME (Medium, Small and Micro Enterprises) Sector. The name of the scheme is MSME Loan in 59 Minutes. In this scheme, the loans of up to Rs 1 crore will be sanctioned in just 59 minutes through a special portal.

MSME Loan in 59 Minutes

MSME Loan in 59 Minutes is a new initiative by the government where all GST-registered medium, small and micro enterprises can apply online for a loan of up to Rs 1 crore. An MSME can avail this loan from Rs. 1 Lac to Rs. 5 Crore through www.psbloansin59minutes.com.

The psbloansin59minutes.com is a digital platform to cater the financial aspirations of MSMEs in a simple, quick and easy way. In this post, I will tell you how to get a PSB loan in 59 minutes.

Key features of MSME Loan in 59 Minutes

1. The business loan amount will be between Rs 1 lakh to 1 crore.

2. You can get the loan approval in just 59 minutes from anywhere at any time.

3. The rate of interest for loan starts from 8.50% onwards.

4. The 59 minutes loan amount will be disbursed in 7-8 working days.

5. The platform is fully compatible with existing banking processes.

6. You can apply for a business loan with multiple banks at one go.

7. The platform is equipped with the highest level of Information Security.

8. There is no registration fee. However, if your proposal matches the bank’s products, you will be required to submit a fee of Rs 1,000 plus applicable taxes.

9. No mandatory requirement of collateral for availing MSME Loan in 59 Minutes.

10. The loans are processed without any human intervention until the stage of sanction or disbursement.

Eligibility Criteria for availing PSB Loan in 59 Minutes

If you have an existing business then you should be GST, IT compliant, and must have six months bank statement facility. Here you need to note that your PSB Loan in 59 Minutes eligibility is determined by your:

1. Income/ Revenue

2. Repayment capacity

3. Existing credit facilities

4. Any other factors as set by the lender

Documents required to apply for MSME Loan in 59 Minutes

The documents required for applying for MSME loan up to Rs 1 crore in 59 minutes are given below.

1. GST Details

You need GST Identification Number (GSTIN) along with the GST Username and OTP.

2. Income Tax Details

You need to submit the Income Tax Return (ITR) for the last three years in XML format.

3. Bank Statement

You also need to upload bank statements for the last 6 months in PDF format.

4. Details of Directors / Partners / Proprietor

You need to provide details (Basic, personal, educational & ownership details) of Directors / Partners / Proprietor.

5. Loan Details

Details related to the loan are also required.

Partner Banks in the MSME Loan in 59 Minutes Scheme

The following banks are partners in the PSB Loan in 59 Minutes Scheme.

1. SIDBI (Small Industries Development Bank of India)

2. SBI (State Bank of India)

3. Bank of Baroda

4. Punjab National Bank

5. Indian Bank

6. Allahabad Bank

7. Andhra Bank

8. Bank of India

9. Bank of Maharashtra

10. Canara Bank

11. Central Bank of India

12. Corporation Bank

13. IDBI Bank

14. Indian Overseas Bank

15. Oriental Bank of Commerce

16. Punjab & Sind Bank

17. Syndicate Bank

18. UCO Bank

19. Union Bank

20. Kotak Mahindra Bank

21. IDFC First Bank

22. Saraswat Bank

23. IndusInd Bank

24. ICICI Bank

25. Yes Bank

How to get MSME Loan in 59 Minutes?

Follow the step by step procedure given below to get PSB Loan in 59 Minutes.

1. Visit Official Website

Go to the official website launched by Indian Government at www.psbloansin59minutes.com

2. Register

Here you need to enter your name, email-id and mobile number on which you will receive OTP. Click on “Get OTP”. Next, enter the OTP received on your mobile to authenticate the registration process. Now tick the “I agree…” check box and click on the “Proceed” tab. Set up your password and sign in using the same.

3. Answer 4 Basic Questions

Next screen, you need to answer four basic questions. After selecting all the answers, tick the “I am a registered MSME and I agree with the above-selected point” check box and click on the “Proceed” tab.

4. GST Details

In the next screen, you need to enter your GST details such as GST Identification Number (GSTIN) along with the GST Username and OTP.

5. Income Tax Details

Here you need to upload your income tax returns in XML format. Alternatively, you can log in with your PAN and date of incorporation.

6. Bank Statement

In this step, you need to upload your bank statement in pdf format or log in with your net banking credentials.

7. Details of Company Directors

Here, you need to provide details of company directors. Enter the company’s address and proprietor’s details.

8. Purpose of Loan

Next step, you need to provide details of your business and the purpose of the 59 minutes loan. You also need to provide the details of your existing loan

9. Choose the Bank

Choose the bank from where you want 59 minutes loan from the list of the banks that are linked with this portal.

10. Pay Fee

Here, you need to pay a convenience fee Rs.1000 (+GST) to receive the in-principle approval letter.

11. Loan Approval

This is the last step and it takes usually less than 59 minutes to get loan approval.

12. Download Approval Letter

Once approved, download the 59 minutes loan approval letter and approach the concerned bank for the disbursal of the loan. The disbursal of the loan amount takes time of 7-8 days.

Notable points for availing MSME Loan in 59 Minutes

You need to keep the following details and soft copies ready with you before log in to the website www.psbloansin59minutes.com.

1. GST Identification Number (GSTIN) along with the GST Username.

2. Income Tax Return (ITR) for the last three years in XML format or your PAN and date of incorporation.

3. Bank statements for the last 6 months in PDF format or your net banking credentials.

4. Details of Directors / Partners / Proprietor

5. Details related to the loan.

Final Thoughts

The psbloansin59minutes.com is a user-friendly platform for hassle-free business loan approval for your business. You can get this business loan In-principle approval in 59 Minutes from anywhere, anytime without visiting the bank branch.

Getting business loan approval had never been so easy before the launch of PSB Loan in 59 Minutes scheme. Business loan are currently provided for value from Rs. 1 lakh to Rs. 5 Crore. The rate of interest for MSME Loan in 59 Minutes starts from 8.5% onwards.

Note: This post was originally published on November 18, 2018 and has been completely updated for accuracy and comprehensiveness.

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