New Delhi. Government of India has launched a special scheme for Micro, Small and Medium Enterprises (MSMEs), from which they will get business and MSME loans within just 59 minutes. Under this scheme, any applicant can get a loan ranging from Rs 1 lakh to Rs 10 crore. The application for loan will be approved in just 59 minutes. Let’s know the complete details of this scheme.
Special initiative of sidbi
Small Industries Development Bank of India (SIDBI) in partnership with five other state-owned banks (State Bank of India, Bank of Baroda, Punjab National Bank, Vijaya Bank and Indian Bank) named PSB Loans in 59 Minutes in 59 minutes. Has established a fintech platform. SIDBI operates under the Department of Financial Services, Government of India. There is a Development Financial Institute in India based in Lucknow.
What kind of loan
Business loans, personal loans, home loans, auto loans and Mudra loans are offered under this scheme. You can get a maximum of Rs 5 crore for a business loan, a maximum of Rs 10 crore for a home loan, a maximum of Rs 20 lakh for a personal loan, a maximum of Rs 1 crore for an auto loan, and a maximum of Rs 10 lakh for a currency loan.
How to apply
To apply for a 59-minute loan, you have to follow easy steps. Go to the official website – https://www.psbloansin59minutes.com/home. Register your account by entering details like your full name, email address, mobile number and OTP. After registration, answer the original questions on the screen. Now enter your GST Identification Number. In the next screen upload your income tax return in XML format or login using the details like your PAN and date of Incorporation. MSME Recruitment 2020: Details, Qualification & How To Apply
This is the process ahead
Now you have to upload the details of your bank account in PDF format for the last six months. Download the statement by contacting your bank or logging in to your NetBanking account. On the next screen, enter the Director or Proprietor, Ownership Details and the details of the company / business. Now you have to tell the purpose of your loan and give information about any current or previous loan taken for business (if any). Once you enter all these details, you will be asked to choose the bank of your choice. Keep in mind that the interest rate may vary from bank to bank. Now pay a fee of Rs 1,000 including tax to complete your application.
Gotta go bank
Once you make a payment of Rs 1000, you will get the In-Principle Approval Letter within 59 minutes. After getting this letter, you can go to the bank mentioned in the letter for further processing. Note that the loan amount passed in the letter and how much loan the bank will give you may vary.
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