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