Here is an exciting news for MSMEs. The government has taken a step and made it easier for MSMEs to opt for PSB loans in 59 Minutes. Union Finance Minister Arun Jaitley has launched portal www.psbloansin59minutes.com.

This Portal is to enable to get in-principle approval within 59 minutes for MSME loans up to 1 Crore from Small Industries Development  Bank of India (SIDBI) and 5 Public Sector Banks (PSBs). PSB Loans in 59 minutes is an online marketplace.

PSBs like SBI, Bank of Baroda, Punjab National Bank, Indian Bank, Vijaya Bank, Allahabad Bank, Andhra Bank, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, IDBI Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab & Sind Bank, Syndicate Bank, UCO Bank, Union Bank and United Bank of India.

An MSME can take loan starting from Rs 10 lakhs to Rs 1 Crore, and their rate of Interest starts from 8% onwards. Also, the collateral coverage is not mandatory as the platform is directly connected to CGTMSE scheme.

Before that, the principle of the approval letter, the loan is expected to be disbursed in 7-8 working days.

This Portal added that” The loans are processed without human intervention till sanction and/or disbursement stage. On this platform, MSME borrower is not required to submit any physical document for In-Principle approval. The solution uses advanced algorithms to analyze data points from various sources such as IT returns, GST data, Bank Statements etc.”

Here is the Process of loan approval in 59 minutes:

An MSME must have few documents if they want to avail the Rs 1 Crore loan.

The Documents are:

1. GST Identification Number
2. Income tax returns in XML format
3. Bank statement for last six months in pdf format
4. Director/Owners details: basic, personal, educational & ownership details
5. In Principle Approval in 59 minutes 

Here are some features of PSB Business loan in 59 minutes: 

1. The platform is fully compatible with existing banking processes.
2. The MSME can apply for a business loan with multiple banks at one go.
3. It is equipped with the highest level of Information Security.
4. The user banks can create customized loan products as per their credit policy.
5. With GST, ITR, Bank Statement, Fraud Check, Bureau Check etc. to ease credit decision making.
6. With CGTMSE integration, the MSME borrower can get a collateral free loan.

Read more on Benefits of Registration of MSME.

To avail, the benefits of this scheme of PSB Loans in 59 Minutes MSME Registration is required. Get in touch with us for Quick Registration of MSME.