PSB Loans in 59 Minutes

If you're a Micro, Small, or Medium Enterprise (MSME) owner looking for a business loan, the PSB Loans in 59 Minutes scheme can help. You can get up to ₹5 Crores in just one hour. This online platform connects you with Public Sector Banks (PSBs) and simplifies the loan process, cutting down on the usual paperwork and long wait times.

Along with MSME loans, you can also apply for personal loans, home loans, auto loans, and Mudra loans. The loan amount you qualify for depends on your eligibility, but the process is designed to be fast and hassle-free.

PSB Loans in 59 Minutes is a government initiative designed to provide MSMEs with fast access to business loans, ranging from ₹1 Lakh to ₹5 Crore. The scheme connects MSME owners with Public Sector Banks (PSBs) and facilitates quick approval and disbursal of loans through an online platform.

The platform is integrated with CGTMSE, allowing businesses to avail collateral-free loans. It has disbursed loans worth over ₹74,000 Crore to more than 7.5 Lakhs businesses.

The defining features and benefits of the PSB Loans in 59 minutes portal are:

• Quick loan approval

As the name of the portal suggests itself, you can get a quick loan approval within an hour. This is made possible by the various algorithms that the portal deploys to analyse the documents that submit while applying for an MSME loan.

• One form for all lenders

The portal only requires you to fill up a single form for all the lenders that you wish to avail an MSME loan from. This means that you will not have to go through the cumbersome process of filling up forms and submitting the required documents over and over again.

• Reasonable cost of borrowing

You can secure an MSME loan of up to ₹5 Crore at a competitive interest rate, depending on your loan eligibility and creditworthiness. For term loans, interest is charged either at a fixed or floating rate, while working capital loans are available at a floating interest rate, typically between 10-16% p.a. These rates are subject to credit underwriting parameters, ensuring that your loan obligations remain manageable over time.

• Real time tracking of applications online

Once you have submitted your MSME loan application, you will be able to track the status of the same in real time through the portal itself.

• Safe and secure

As a government-backed initiative, the authorities ensure your information is kept safe. All details you provide are encrypted using top-notch security software, so you can be confident that your data will remain private.

To qualify for the loan you need to fulfil the following PSB Loans in 59 Minutes eligibility criteria:

• GST Compliance

You must be registered for GST or provide self-declared business and sales details if not registered

• Bank Statement

A bank statement for the past 6 months is required, showcasing your business activities

• IT Compliance

Your business should be income tax compliant

• Repayment Capacity

Your ability to repay the loan will be assessed based on your income/revenue and existing credit facilities

• Other Factors

Lenders may assess additional criteria as per their own lending policies

To be able to apply for a ₹5 Crores MSME loan through the PSB loan in 59 minutes portal, you will need to be a registered user with them. 

The steps to get yourself registered with the website are as follows:

Steps to Register For PSB Loan in 59 Minutes

1. Visit the official portal at www.psbloansin59minutes.com

2. Register by entering your name, mobile number, and email ID

3. After registration, choose your funding requirement — business or retail

4. Select “Business Loan” to continue with an MSME loan application

5. Provide the required business, financial, and loan details to receive a digital approval within 59 minutes, subject to eligibility

Steps to Apply For PSB Loan in 59 Minutes

1. After registering, log in using your user ID and password.

2. Choose ‘Business’ or ‘MSME loan’ as your loan profile and click ‘Proceed’.

3. Enter your business PAN details and click ‘Proceed’ to continue.

4. Provide your GST details, upload your Income Tax Returns (ITR) in XML format, and bank statements for the last 6 months in PDF format.

5. Upload your Income Tax Returns and any additional required details, then click ‘Proceed’.

6. Upload your bank details in the specified format and click ‘Proceed’.

7. Provide information about your business and any existing loans. A one-time password (OTP) will be sent to your email.

8. Enter the OTP received in your email to verify your details.

9. Choose the bank and branch where you wish to apply for the loan

After completing this step, you will receive in-principle approval from the selected bank.

PSB Loans in 59 Minutes offers MSME owners a fast, hassle-free way to secure business loans of up to ₹5 Crore. The online platform simplifies the loan process, eliminating lengthy documentation and approval delays, making it easier for businesses to access funding. With competitive interest rates and quick disbursals, this initiative is an excellent option for those looking for a streamlined borrowing experience.