Steps to follow to get MSME loans in 59 minutes
New Delhi, Nov 5 (KNN) In a bid to boost credit availability to Micro, Small and Medium Enterprises (MSMEs), Prime Minister Narendra announced a 59 minute loan facility of up to Rs 1 crore for MSMEs during the launch of MSME Support and Outreach Program.
The initiative aims at automation of various processes to loan appraisal in such a way that you get an eligibility letter, In-principal Approval in less than 60 minutes and chooses the Bank that you may prefer to ease access to credit to smaller and micro enterprises.
The Contactless Business Loans are currently provided for value from INR 10 Lacs up to INR 1 Cr.
The Rate of Interest starts from 8% onwards. Collateral Coverage is not mandatory as the platform directly connected to CGTMSE scheme.
PSB Loans in 59 minutes is an online marketplace, which will enable In-Principle approval for MSME loans up to INR 1 Crore in 59 minutes from Public Sector Banks.
This Platform has reduced the loan processing turnaround time from 20-25 days to 59 minutes. Post receiving of In-Principle approval letter, the loan is expected to be disbursed in 7-8 working days.
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.
- GST Identification Number (GSTIN), GST user id and password.
- Income Tax Return Login Password and Date of Incorporation of entity of ITR for latest 3 years in XML format.
- Current Account-Net Banking: Username & Password or Bank Statement for last 6 months in online pdf format.
- Convenience fee Rs 900+ GST on in-principle approval. No hidden charges.
Steps for registration and approval
- Go to official website: https://www.psbloansin59minutes.com/home
- Fill required details
- Enter one time password generated
- Answer 4 simple questions
- Fill-in GST details
- Upload bank statement
- Mention purpose of loan
- Select bank
- Pay convenience fees
- Download your approval letter