MSME Loan in 59 Minutes: Online application process

The central government of India recently launched a new online portal to grant business loans up to INR 1 crore in less than an hour, for the industries falling under MSME sector at minimum 8% interest rate.

What is MSME loan in 59 minutes scheme?

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.

Who is eligible for availing 59 minutes loan?

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.

What are the documents required for availing 59 minutes loan?

  1. Last six months bank statement (PDF form).
  2. E-KYC scanned papers
  3. Last three years income tax returns, income tax codes and all e-filings. (XML format).
  4. GST certificate with username and password
  5. Ownership certificate
  6. Owner’s personal and educational details.

How to register for the 59 minutes loan?

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.

The entire process takes an hour, after which you will receive the loan amount directly in your bank within 7-8 working days.

What are the benefits of 59 minutes loan scheme?

  1. No human intervention: as the entire process is finalized online there is no man to man dealing and one can easily apply for the same.
  2. 2% rebate for MSME’s: all those industries who have registered with GST and holds MSME certificate are eligible for the rebate
  3. The amount varies from 10 lacs to 1 crore: according to your business requirement, the amount can vary anywhere between 10 lacks to 1 crore which is approved by the government.
  4. No collateral needed: nothing is required to mortgage which makes it a simple and easy process.
  5. Minimum 8% Rate of Interest: the rate of interest varies for different banking institutions while the ROI starts at 8%
  6. Safe and secure: all the documents submitted are fully secured with high-end security
  7. Minimum documentation: there’s no need for any vast paperwork as only a few documents are required to prove eligibility