The government of India introduced a quick business loan portal for the existing business. The government’s website ( psbloansin59minutes.com) for MSME borrowers offers automated processing of loan that provides with a in-principal approval in less than an hour. 

PSB (Public Sector Banks) Loans in 59 minutes: FEATURES

1. The Loan Amount varies from Rs 10 Lakh to Rs 1 Crore
2. Rate of Interest starts from 8% onwards
3. Post the approval of the loan, the Loan Amount takes 7-8 working days to be disbursed
4. The Loan is processed without human intervention till sanction and/or disbursement stage
5. Loans processing without human intervention till the stage of sanction or the disbursement.
6. Collateral coverage is not mandatory because these loans are connected to Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme.
7. Apply at Multiple Banks at the same time

DOCUMENTS REQUIRED

1. The details of GST
2. Details of Income Tax: Latest 3 year ITR in the format of XML
3. Last 6 months Bank Statement in PDF Format
4. Details of the Loan Required
5. Details of Proprietorship/ Partners/ Directors
6. E-KYC Documents of the Loan Applicant

PROCESS

1. Go to psbloansin59minutes.com
2. Register yourself by filling in your name, Email Address, mobile number and click on ‘Get OTP’
3. Enter the OTP received on the mobile number
4. Agree to the Terms and Conditions mentioned below in the checkbox
5. Click on ‘Proceed’ after entering all the columns
6. Create a Password for your account for future reference

Remark: You will have to pay a convenience fee of Rs. 1000+GST.

For any queries related to small business loans, one can call at +1800 103 7491 (Toll free number) or write to them at [email protected]

However, one should remember that this is sanctioning of a loan and not DISBURSAL. Banks may ask for further clarification, documents to process it further.