Life is full of uncertainty; we never know when an emergency will land on our door. Consequently, there is an abundant of reasons due to which one can come across availing of financial assistance.
This cannot only occur to individuals but also entrepreneurs. They would be in need of financial aid to meet their requirement or there are many aspiring individuals who want to transform themselves to an entrepreneur position but lack in funds and this is where loans stand with one to fulfil their needs and dreams.
There is an abundant of financial assistance pertaining to business and among those many, one of the leading schemes that come across is PSB Business loans in 59 minutes.
PSBloansin59minutes.com is a portal which facilitates one to avail of personal loans ranging from Rs.1 lakh to Rs.5 crores in 59 minutes from private banks, public banks, and Non-Banking Financial Companies (NBFCs).
The loan scheme is special since the approval/non-approval takes place just in 59 minutes. Post the approval of the loan application, the loan amount gets disbursed into your bank account within a week.
Eligibility criteria for PSB loan in 59 minutes
Those who are self-employed individuals and own a business will have to be IT and GST compliant and must be able to extend bank statements for the past 6 months. It is vital to note that your eligibility is decided on various factors like:
Income
Repay capacity
Existing credit obligations
And many other terms and conditions set by the lender.
To know more about PSB 59 minutes loan eligibility you may visit the official website.
Features of PSB Loan in 59 minutes
Convenience: You get the choice to apply for loans from various lenders at one time.
Secured: The entire process from extending significant details to disbursement of the loan amount is highly secured.
Banker interface: The user banks get the choice to set out their own personalized loan products in accordance with their credit policies.
CGTMSE coverage: With the merge of CGTMSE, perhaps MSME borrower can avail of a loan without any collateral.
Documents required for the PSB loans in 59 minutes
Bank statement of last 6 months in PDF format of all business-related accounts.
e-KYC paper.
Income tax return receipts (ITRs) of the last 3 years in XML format including income tax codes and e-filing particulars.
GST certification along with GST number and password.
Ownership certificates and information about current businesses of the applicant.
Applicant’s personal and educational information.
Steps to apply for a PSB loan in 59 minutes
Visit the official portal of the PSB loan in 59 minutes.
If you are a new user, click on ‘Register’.
Fill out details such as your name, email ID, and mobile number.
You will get an OTP on your registered mobile number. Put the OTP and select the checkbox ‘I agree to privacy, policy terms, and other terms and conditions’.
Click on ‘Proceed’.
Click on ‘Login’ and go with the instructions.
You may have to give important documents so as to get the loan of your choice. Once, you submit the loan application along with all the necessary documents, your loan will get approval within 59 minutes and the loan amount will be credited in your bank account within the next 7-8 days.
These were the major factors that you were required to know prior to applying directly for the PSB loan in 59 minutes, hence it will help you seamlessly and flawlessly to go through the process.
In addition, if you wish to get more information about other Govt. scheme for business startup, you must read our special blog on government loan for business startup in India.