The new initiative is a complete online procedure for the appraisal of the loan with principle approval within 60 minutes. The government under this initiative has also listed the partner banks that will provide loans.
Companies that have registered MSME certificate can obtain a collateral free loan from the government based on their GST returns filed previously. The MSME has access to the loan amount of Rs 10 lakh to Rs. 1 crore.
The loan can only be provided based on the fact that you complete all the terms and condition prescribed by the Department of Financial Services (DFS) and the platform is directly linked to CGTMSE.
Currently, the scheme is launched exclusively for existing businesses and not for new business owners. The owners of the MSME should be IT and GST compliant and should have 6-month bank statement available.
The applicants will have to provide their GSTIN while applying for the loan facility with a bank statement dating back to 6 months.
Loan eligibility is determined by :
Involving the name of the entity, GST identification number, place of business and authorised representative details and the IFSC code of your primary bank.
Checking application Status
Applicant after submitting the application with psbloansin59min will get principle approval within 59 minutes on the registered e-mail id and phone number.
Banks are providing a slew of loans boost to their credit growth, and these taxes were charged a rate of 15% service tax which will now replace 18% GST. Thus, making the loans an expensive affair for ordinary people.