To realise the vision of Atmanirbhar Bharat and promote the ease of doing business, Prime Minister Narendra Modi announced an online lending portal in 2018. The government launched this loan portal for the MSME sector to expand their existing business. Under this scheme, MSMEs can take loans ranging from one lakh to 5 crores in just 59 minutes from public and private banks and non-banking financial companies (NBFCs).
Since its inception, the portal sets a benchmark in loan processing and minimises the turnaround period from 20-25 days to 59 minutes. After this approval, the loan amount gets disbursed in 7-8 working days.
What is PSBloanin59Minutes.com?
It is an online portal where eligible people can get business loans in just 59 minutes. This initiative was taken to spur the MSME ecosystem and upgrade the self-employed business model in India by reducing the loan processing and excess red-tapism in the bank.
Who can get a loan from here?
If you want to take a business loan from here then you should have proof of GST, income tax and 6 months bank statement. The loan will be given on the basis of the following eligibility:
- Your income or revenue will be assessed.
- Your ability to repay the loan will be calculated.
- It is also based on existing credit facilities.
- Other factors are decided by the lender.
Benefits of this portal:
- Through this portal, you can take a loan of up to Rs. 5 crores. This fulfils all the needs of the business, small or big, will be easily fulfilled.
- Moreover, the interest rate applicable under this starts from as low as 8.50%.
- Another advantage of taking a loan through this is that minimum documents are required to get this loan passed.
- With the advanced algorithms, the entire process from loan approval to get the loan is done without the intervention of any person. Application analysis is completed from the financial profile of the applicant.
- It gives utmost priority to the security of the data provided by the loan applicants. Data of applicants is secure with an advanced level of security.
What are the documents needed?
Loan applicants with existing business can apply for a loan for expansion of their business with the following documents:
- You need to provide GST Identification Number(GSTIN) and GST Username.
- Income tax return( ITR) records for the past three years have to be submitted.
- The loan applicant has to upload the past 6-month bank statement of a maximum of three bank accounts on the portal. However, it is advisable to upload the bank statement with major transactions.
- Applicants have to submit details of the business owner, partners and directors.
How to register?
The steps are very simple, to avail business loan through this portal follow the following points.
- Visit psbloansin59minutes.com.
- Register yourself by entering your credentials and generating OTP.
- Now enter the OTP received on the mobile number.
- After that, agree to the terms and conditions provided there in the check box.
- After filling all the columns and reading terms and conditions carefully, click on Proceed.