Back in November 2018, Prime Minister Shri Narendra Modi had a small Diwali gift for the MSMEs. Those who wanted to start a new business could get the loan quickly, cutting the red tape. The portal was called PSB loan in 59 minutes. A borrower could get the loan from Rs 1 lakhs to 5 crores within 1 hour of applying from NBFCs or private sector banks.
The instant loan was aimed at those who wanted to start a new business but lacked funds. However, the majority of the people are still not aware of the scheme. This is why today, we will tell you everything about it. So, let’s get started now.
What is the PSB loan in 59 minutes?
In simple words, PSB Loan in 59 minutes is an online financial marketplace. In this marketplace, a borrower can apply for the instant loan. The approval timing is just 59 minutes., When you compare to a traditional lender, which could take up to 30 days to get the loan.
Before you think about applying, you have to specific details which we are mentioning below. Let’s check them out.
The loan amount is offered from Rs 1 lakhs to Rs 5 crores.
The interest rate begins at 8.50% onwards. It will depend upon the borrower’s profile.
The loan approval will take precisely 59 minutes.
However, if the loan is approved, the disburse of the loan amount will take at least 6 to 8 working days.
Features of PSB loans in 59 minutes
As you can see, the loan amount is quite significant to handle any business needs.
It requires minimal documents to apply.
It uses technology to analyze the creditor's financial profile. Till the disbursement of the amount, there is no human intervention.
Since it is an online financial marketplace, a borrower has the option to apply at multiple banks.
The entire data of the applicant is safe and secure using the highest level of security.
The eligibility criteria
Those businesses who are already existing will needs these documents.
GST details
IT compliant
Bank statement for the previous six months
The income and revenue of the business
The loan repayment capacity of the borrower
Apart from these, every lender has different criteria. So, as per the lender eligibility criteria, a borrower can apply.
The required documents
GST details ( GST User Name and GST identification number ( GSTIN)
Bank statement for the last 6 months in PDF format
The loan requirement details
KYC Documents of the loan applicant ( Identity proof, Address proof)
To apply for the instant loan, follow the steps.
First head to psbloansin59minutes.com
Create an account. Fill in the name, address, and mobile number. You will receive an OTP.
Enter the OTP to complete the registration process.
Agree to the terms and conditions.
Create an account
Explore the market, then apply.
So, this is everything you had to know about PSB loans in 59 minutes. If you need more, do let us know. We would help you. And make sure you will all the necessary documents you to apply.