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PSB Loans in 59 Minutes

Psb 59 Scheme

Last Updated 01st Dec 2020

PSB Loans in 59 minutes is a loan scheme for Micro, Small and Medium Enterprises in India. Under this scheme, the government launched an online portal where enterprises can get a loan in 59 minutes.

Loan Amount ₹ 1 Lakh to ₹ 5 Cr
Rate of Interest 8.50% onwards
Time for disbursal 59 minutes
PSB Loan URL https://www.psbloansin59minutes.com/
Loan Type Personal/Auto/Home/Business Loan
    Apply for Business Loan @ 13.50%* Get upto ₹ 1,000* Cashback

    Psbloansin59minutes

    PSB Loans in 59 minutes is a business/personal/auto/home loan scheme introduced by the Modi government on 2nd November 2018 as a festive gift for micro, small and medium enterprises in India. Under this scheme, the government launched an online portal where enterprises can get a loan for expanding their business ranging from ₹ 1 Lakh to ₹ 5 Cr from public and private sector banks and non-banking financial institutions (NBFCs) in 59 minutes. Thus, reducing the turnaround time for processing of the loan, which may usually take around 7-8 days, once the application has been approved.

    PSB Loans in 59 Minutes Features and benefits

    PSB 59 minutes loan scheme was introduced to promote the model of MSMEs (Micro, Small and Medium Enterprises) and self-employed business and provides the following benefits and features:

    • Less turnaround time: As against, 30 days of approval and processing of the loan, PSB loans in 59 minutes has significantly reduced the time for loan approval and processing, along with standing in long queues at the bank. The borrowers can now avail the loan in 59 minutes.
    • Minimum Documentation: Along with hassle-free loan approval process, the enterprises can get 59 minutes loan with minimum e-KYC documents and income proofs.
    • Rate of Interest: The rate of interest for PSB loans in 59 minutes starts at 8.50% onwards and varies from lender to lender.
    • Advanced Technology backed loans: 59 minutes loan schemes have an integrated technology integration system. Thus the loans are provided without nil or minimum human intervention, including analyzing the applicant’s financial profile at least till the process of loan sanctioning.
    • Secured: The data of the applicants is safe and secured during the entire process of procuring information to the analysis of data to disbursal of loan.
    • Apply at multiple banks: Under, 59 minutes loan scheme, the applicants can apply for a loan with multiple lenders at the same time for loan amounts ranging from ₹ 1 Lakh to ₹ 5 Cr.

    How to Register with PSB Loans in 59 Minutes?

    To register with PSB Loans in 59 minutes, you need to follow the below-mentioned steps:

    • Firstly, visit psbloansin59minutes.com and click on register.
    • Now, enter your details such as name, email address, mobile number and click on ‘Get OTP’.
    • Next, enter the OTP received on a registered mobile number.
    • Agree to the terms and conditions as mentioned and click on ‘Proceed’.
    • Finally, create a password for the account for future reference.

    Once, you have registered, you can now apply for PSB Loan in 59 minutes by following the below-mentioned steps:

    • Visit psbloansin59minutes.com and click on login.
    • Now, enter your login credentials such as email id and password and click on login.
    • Now, follow the instructions and provide the following information:
      • GST Identification Number
      • Income Tax Returns in XML format
      • Bank Statements for the last 6 months in PDF format.
      • Director/Owners basic, personal, educational & ownership details
    • Next, select the purpose of your loan and provide necessary details of any existing loans taken by your business.
    • Choose the bank/lender through which you want your loan to be processed.
    • Finally, Pay the convenience fee of ₹ 1,000 plus taxes for approval and download your approval letter.

    Psb 59 Minutes Loan Eligibility Criteria

    To avail PSB 59 minutes loan, you must fulfill the following criteria:

    • If you are self-employed and already have an existing business, you must be GST and IT compliant and have bank statements for the last 6 months.
    • The eligibility of the applicants would be determined based on the following factors.
      • Income/Revenue
      • Repayment capacity
      • Existing credit facilities
      • Other terms and conditions set by the lender

    Documents Required Psb 59 Loan

    To apply for PSB 59 minutes loan, the applicants would require to submit the following documents:

    • GST Details: The documents required for GST details would vary depending on the following factors:
      • Single GST Registration: GST Identification Number (GSTIN), GST Username and OTP
      • Multiple GST Registrations: GST Identification Number (GSTIN), GST Username and OTP for each registration. Borrowers must assign one registration as primary.
      • Not Registered with GST: If the borrower is not GST registered, they can provide their business and sales details manually by self-declaring.
    • Income Tax Details: Borrowers would be required to submit the following Income Tax details depending on the nature of the loan:
      • Term Loan: Latest ITR (3, 5, 6 as applicable) in XML format
      • Working Capital Loan: Latest ITR (3, 5, 6 as applicable) in XML and ITR 4 (as applicable) in XML/ PDF format
    • Last 6 months’ Bank Statement in PDF Format: The loan applicant can upload bank statements for maximum 3 bank accounts on the portal, and it is preferable to upload the Bank Statement which has the major bank activities.
    • Details of the Loan
    • Details of Proprietorship/ Partners/ Directors
    • E-KYC Documents of the Loan Applicant

    FAQs

    What is the loan amount in PSB loans in 59 minutes?

    Applicants can apply for loan amounts ranging from ₹ 1 Lakh to ₹ 5 Cr under PSB Loans in 59 minutes from any public/private sector banks or Non- Banking Financial Institutions (NBFCs).

    What is the duration in which PSB loans in 59 minutes can be disbursed?

    PSB loans in 59 minutes can be disbursed in 59 minutes, thus reducing the turnaround time of approval and sanctioning of business loans, which may usually take around 30 days.

    How do I get a loan in the 59 minutes portal?

    You can apply for a loan in the 59 minutes portal by registering on the portal and then can apply for the loan by providing the required documents such as GST number, bank statements etc.

    How can I avail MSME loan in 59 minutes?

    Any MSME( Micro, small and medium enterprise) can apply for PSB loans in 59 minutes through 59 minutes portal by filling the form along with essential documents such as GST number, Income returns etc.

    How can PSB Loans in 59 minutes be contacted?

    You can contact the concerned authorities for PSB loans in 59 minutes by calling on number 079-41055999 or else you can write on email-id, support@psbloansin59minutes.com.


    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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