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