Apply Online for MSME Business Loans in 59 Minutes

• Firstly visit the official website https://www.psbloansin59minutes.com/home

• At the homepage, businesses needs to make online registration by filling the sign up form before applying online for MSME business loans.

• All the existing businesses and new businesses can fill this registration form by entering the necessary details like name, e-mail ID and mobile phone number. OTP will be sent on the registered mobile number which needs to be entered for verification and then click at “Proceed” button.

• Then change your password, select your requirement as “Need Fund for Existing / New Business” to open the MSME business loans online application form

• Here candidates have to provide data, select banking partners and get approval for sanctioning of loans.

• All the existing members can make login to access their details from the next time by just entering their e-mail ID or mobile number.

• SMEs would be able to access credit easier and faster.
• All the SMEs will now have an improved cash flow system.
• SMEs will gain more access to the market to sell their products.
• SMEs will get simpler regulatory compliance and ease of doing business.
• All the SME employees can now avail more social security benefits.
• SMEs would also be benefited from formalisation and GST enrolment.

[post_ads_2]

• Access to financial services and products.
• Usage of financial services and products.
• Quality of financial services and products.

Jan Dhan Darshak – Banking Services Infrastructure Locator App

• The PSB Loans initiative re-imagines and simplifies the overall process of fund raising. It has been designed to ease access of credit to Individuals and MSMEs. https://www.psbloansin59minutes.com/home is a unique platform that ensures seamless In-principle loan approval.

2. Is this initiative Digitization of Bank Loans?

• Yes, the initiative aims at automation and digitization of various processes of Business Loan (Term Loan, Working Capital Loan and Mudra Loan) and Retail Loans (Personal Loan, Home Loan and Auto Loan) in such a way that a borrower gets an In-principle approval letter in less than 59 minutes.

3. From Which Bank Applicant will Get Loan Amount?

• The borrower has been given the flexibility to choose lender i.e any applicant can choose any bank from which people wants to avail loans.

4. What is the Value of Business Loan for Which In-Principal Approval is Provided?

• Business Loan in-principle approvals with /without collateral are currently provided for value from Rs. 1 Lakh to Rs. 5 crore. The rate of interest starts from 8.5% onward. The platform is integrated with CGTMSE to check eligibility of borrowers.

5. What is the Value of Mudra Loan for Which In-Principal Approval is Provided?

• Mudra Loan in-principle approvals are currently provided for value from Rs. 10,000 to Rs. 10 Lakhs.

6. What is the Value of Personal Loan for Which In-Principal Approval is Provided?

• Personal Loan in-principle approvals are currently provided for value up to Rs. 20 Lakhs.

7. What is the Value of Home Loan for Which In-Principal Approval is Provided?

• Home Loan in principle approvals are currently provided for value up to Rs. 10 Crores and auto Loan in-principle approvals are currently provided for value up to Rs. 1 Crore.

8. How Facility for Common Online Web Portal Will Help?

• The common online web portal will enable in-principle approval for MSME loans upto Rs. 1 crore in just 59 minutes from SIDBI (small industries development bank) and 5 other public sector banks (PSBs).

9. Which are Partner Banks of PSB Loans in 59 minutes?

• Sidbi, SBI, Bank of Baroda, Punjab National Bank, Indian Bank, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, IDBI Bank, Indian Overseas Bank, Punjab & Sind Bank, UCO Bank, Union Bank of India, Kotak Mahindra Bank, IDFC First, Sarrasswat and Indusind bank are partner banks of PSB loans in 59 minutes.