How to Apply for an MSME Loan Online and Get Approved in 59 Minutes
- Micro, Small and Medium Enterprises (MSMEs) can apply for a 59 minute loan online for amounts up to 10 crore.
- To help MSMEs in this regard, the Small Industrial Development Bank of India set up a fintech platform called PSB Loans in 59 minutes.
- MSMEs can get in-principle approvals for their loan applications in less than 59 minutes on this platform.
- The platform offers business, personal, home, auto and MUDRA loans.
- Check out this comprehensive tutorial on how to apply for a 59-minute MSME loan online.
The Indian government has announced a special program for micro, small and medium enterprises, allowing them to obtain business and MSME loans in 59 minutes. Applicants can get loans ranging from ₹ 1 lakh to ₹ 10 crore, and in-principle approvals are sent within 59 minutes.
The Small Industries Development Bank of India (SIDBI) has set up a fintech platform called PSB Loans in 59 Minutes, in partnership with five other public sector banks, namely State Bank of India, Bank of Baroda, Punjab National Bank, Vijaya Bank and Indian Bank.
What types of loans are available under this scheme?
Under this scheme, business loans, personal loans, home loans, car loans and MUDRA loans are offered.
What is the maximum limit for a 59 minute loan?
|Type of loan||Maximum quantity|
|Commercial loan||₹ 5 crore|
|Mortgage loan||₹ 10 crore|
|Personal loan||₹ 20 lakh|
|Automatic loan||₹ 1 crore|
|MUDRA loan||₹ 10 lakh|
How to apply for a 59 minute loan for MSME?
To apply for a 59 minute loan for MSME, simply follow these steps:
- Go to the official website – https://www.psbloansin59minutes.com/home
- Register your account by entering information such as your full name, email address, mobile phone number, and one-time password (OTP).
- Answer basic questions on the screen after registering.
- Now enter your GST ID number.
- In the next screen, download your tax returns in XML format or log in using details such as your PAN and date of incorporation.
- Now you need to download your bank statement for the last six months in PDF format. Download this statement by contacting your bank or by logging into your netbanking account.
- On the next screen, enter manager or owner details, property details and company / business address.
- Now you need to enter the purpose of your loan and any existing or past loans that you have taken out for your business.
- Once you have filled in the above information, you will be asked to choose the bank of your choice. Note that interest rates may vary from bank to bank.
- Now pay the convenience fee of $ 1,000 plus tax to complete your application.
- Once payment is complete, you will receive a letter of approval in principle within 59 minutes.
As soon as you receive the letter of approval in principle, you can go to the bank mentioned in the letter for further processing. It should be noted that the loan amount indicated in the letter and the loan sanctioned by the bank may vary due to issues identified during due diligence by the bank.
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