The central government of India introduced an online website for granting loans to help small entrepreneurs in expanding their business. This scheme comes handy as there is no hustle of visiting bank branches and also there are no collateral requirements. The person is granted loan from 10 lacs to 1 crore according to their businesses. However the 59 minutes loan scheme approves the loan in 59 minutes, the amount will take around 7-8 day to be transferred completely in one’s bank account.
Individuals running businesses under MSME scheme are eligible to avail the loan by submitting their GST and six months banking statements which will determine their eligibility regarding their income generated, repayment capacity and credit facilities.
Step - 1: Open the online portal psbloansin59minutes.com and register your authorised phone no. And your email id to receive the OTP.
Step - 2: After receiving the OTP, you are now supposed to create a password and start filing the form for the loan
Step - 3: Add your GST, TAX and PAN card details. Along with bank statements and personal details.
Next, you are supposed to file about the company and the required loan account according to your business
Step - 4: After filling the form, you are supposed to wait for the approval from the government. Once your loan is approved, you have to pay a registration fee of INR 1000 with other taxes.