MSME Loan in 59 Minutes

MSME Loan in 59 Minutes was introduced by the Indian Government on November 2, 2018, for supporting Micro, Small and Medium Enterprises (MSME’s). Under the scheme, fast loans of up to Rs.1 crore is provided in less than 1 hour. For this Scheme the government has also launched a website, namely psbloansin59minutes.com, to cater to the prospective beneficiaries of the scheme.

Features of the Scheme

The scheme is designed to grant a sum of upto Rs.One crore as a loan in fifty-nine minutes, i.e. less than an hour.
There will be a 2% rebate for MSMEs availing a loan of up to Rs.One crore, provided the particular establishment is registered with GST.
Loans are provided between the range of Rs. 1o lakhs to Rs. 1 crore with varied interest rates. The minimum interest rate is fixed at 8%.
Under the initiative, the MSMEs can also avail their loans from Small Industries Development Bank of India (SIDBI).
A portal has been opened solely for the disbursal of loans, which facilitates the completion of formalities pertaining to the loan application.
No need of original documents need, scanned document copy will get uploaded in the provided website.

Documents Required

Details of the Director or Owner like ownership details, personal details, education details.
Last six-months bank statement.
Tax returns statement in XML format.
GST number.

Approving Banks

The following banks are providing loan under the scheme to MSMEs:

Bank of Maharastra
Oriental Bank of Commerce
Punjab & Sind Bank
Bank of Boroda
Punjab national bank
Indian Bank
Andhra Bank
Vijaya Bank
Bank of India
Canara Bank
State Bank of India
Corporation Bank
IDBI Bank
Indian Overseas Bank
Syndicate Bank
UCO Bank
Union Bank
Allahabad Bank
United Bank of India.

Application procedure

Step: 1 Visit psbloasin59minutes.com and register.

Step: 2 In the particular page, enter the name, mobile number, email ID and click on the “Get OTP” button to generate OTP.

Step: 3 After getting the OTP, the page will be redirected to password set up page by doing the needful, click Proceed.

Step: 4 Answer (4 Questions) at the end, and the click on the “Proceed” option.

Step: 5 Enter the GST details and submit.

Step: 6 Either upload the ITR Documents in XML format or Log in with the user credentials and upload the required bank statements and click on “Proceed.”

Step: 7 Enter the income-tax login in the password as shown below.

Step: 8 Upload six-month bank statement by selecting the preferred bank along with the type of loan or log in with the net-banking details.

Step: 9 Provide the details of directors as shown below and click “Submit.”

Step: 10 Fill up the required loan related requirements.

Step: 11 Select among the proposed banks listed on the page.

Step: 12 Pay the one-time application fees to get the principle letter on the registered mail Id.

Step: 13 A confirmation message will pop out, click on the “Download” option to download the confirmation letter.

Step: 14 An in-principle sample letter will be displayed on the page, confirming the approval of the grant of loans.