Loan in 59 Minutes

 

 

Loan in 59 Minutes

Loan in 59 Minutes-Initiative simplifies the process of fundraising to individuals & MSMEs

Introduction

This scheme offers a user-friendly platform to ease finance to borrowers so that they can focus on business expansion and on other business operations.

 Get a business loan from anywhere, anytime without visiting a branch bank is the aim of the scheme.

 Right from business idea, to business growth there is a need of financial assistance to give a business boost. Getting a business loan in principle approval had never been so easy with this platform.

 The platform has been designed to help business growth by fulfilling financial requirements in an easy way.

 

Aim

    1.     To automate & digitalize the process of the loan.

                  2.  Applicants can get loans ranging from Rs.1 Lakh to Rs.10 Crore

                  3.  Approvals are sent within 59 minutes

 

MSME Loans

This sector plays an important role in the social and economic development of India.

The economy’s growth depends on its MSMEs (Micro, Small, & Medium Enterprises). MSME sector is responsible for providing employment to millions of people. This sector is also known as India’s engine of growth. Adequate & timely finance is one of the challenges faced by this sector.

This scheme aim to transform business lending process convenient, simple & easy.

             MSME Loan in 59 minutes scheme is also known as PSB Loan in 59 minutes. It is launched by the Government of India. The scheme introduced a quick business loan portal for the individuals who need to expand their existing business.

Maximum limit of a 59 minutes loan

Types of loan	Maximum Amount
Business loan	INR 1 lac to INR 5 crore
Mudra loan	INR 10 lakh

Business Loan

1.   Term Loan – Financing for various business requirements.

2.  Working Capital loan – Financing that ensures smooth operations.

3.    Mudra loan – Finance to non-farming & noncorporate micro & small enterprises.

Benefits

                      1.   The entire process is quick and requires minimum documentation.
      2.     Apply anywhere anytime
      3.     Easy to understand
      4.     psbloanin59min.com is a user-friendly platform.
      5.     The process is fast and hassle-free.
      6.     No human bias
      7.     Transparent terms
      8.     Technology backed eligibility check
      9.     Real-time processing
      10. Best user experience

Eligibility & documentation

To apply online keep all the documents ready in the required format

1. GST registered business

2. ITR for a minimum of 1 year in XML format

3. Bank statement for last 6 months in pdf form

4. Other business details – To cater to the requirement of Non-GST business, some       business details have to be filled manually.

How to apply for a 59-minute loan for MSME?

1. Go to official website- https://www.psbloansin59minutes.com/home

2. Fill this form and proceed

Partner Banks

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