The central government launched the ‘PSB loans in 59 minutes’ portal in 2018 to provide quick and timely business finance to small business owners in India. Put simply – the PSB business loans under the credit scheme are explicitly built for MSMEs (micro, small, and medium enterprises).
Usually, small businesses or startups have little to no credit history and limited cash flow. As a result, it becomes challenging for them to access the required funds through traditional lending options.
However, the PSB credit scheme eliminates the problem by providing business owners with a loan in just 59 minutes! Getting a loan under PSB only requires minimal paperwork and takes 7-8 working days instead of the conventional 30-day waiting period.
Why Opt for the PSB Credit Scheme?
The PSB portal offers numerous benefits to help MSMEs avoid the usual hassles of availing of business loans.
For starters, the application process is straightforward and quick. Once you complete and submit the application online, you can receive the in-principle approval from your chosen lender within 59 minutes. You can also borrow a loan amount of anywhere between Rs. 1 lakh and 5 crores without difficulty!
Moreover, the PSB business loan interest rates are incredibly affordable.
Some Important Details of the Loan
Here are some key information about the 59-minute PSB loan:
- PSB loan full form – Public Sector Bank loans.
- There are 21+ partners for MSME loans.
- Requires minimal documentation.
- Rate of interest is 8.5% onwards per annum.
- Loan amount sanctionable under the scheme is Rs.10 lakhs to Rs.5 crore.
- Loan approval time is 59minutes.
- The loan is integrated with Govt. facilities like – Income Tax Return, GST, and Bank Statement.
You must upload the following documents on the PSB online portalto get a loan:
- Your income tax returns for the previous 3 years (in XML format only)
- Your banking statements for the last 6 months (in PDF format only) – you can provide statements for up to three lender accounts.
- Your GST details – GST username and GSTIN (GST identification number)
- Your E-KYC documents
- Details of your loan requirements
- Details of your company’s proprietors, directors, or partners
There are a few eligibility criteria set by the government for PSB loans. Lenders to determine your eligibility for a PSB59 loan. They are as follows:
- First, you should be a GST-registered business to avail of a loan through the PSB online portal. As proof, you must provide your GSTIN number. For single registrations, only one GSTIN is sufficient. For multiple registrations, you must provide GSTIN for all the businesses you want to register.
- Secondly, you must provide your ITR statements for at least 1 year in XML format. All the ITRs related to presumptive income schemes and businesses are eligible for this.
- You must also produce your bank statements for the past 6 months in PDF format.
- Your revenue and total income
- Any existing credit facilities
- If you have a non-GST business, you must manually provide a few specific information to meet the loan requirements.
Besides the conditions mentioned above, you’ll also need to meet the specific business loan eligibility criteria set by your chosen lender.
How to Register for PSB 59 Minutes Loan?
- Step 1: Visit the official PSB website and click on ’Register’.
- Step 2: Enter your name, email address, and mobile number. Select “Get OTP.”
- Step 3: You will receive an OTP on the registered mobile number. Enter the OTP and select “I agree to the privacy, policy terms, and other terms and conditions.”
- Step 4: Click on “Proceed.”
- Step 5: Create a password for your account for future reference.
How to Avail PSB 59 Minutes Loan?
Here’s a short roadmap on how to avail of the PSB59loan. Complete all the processes in the same order.
|Step 1||Register and log in to your profile using your username and password on the official PSB website.|
|Step 2||Select your profile as “Business” for business or MSME loan. Click on “Proceed.”|
|Step 3||Create your profile and enter your business PAN card to proceed.|
|Step 4||Enter GST detail, tax return in XML format, and past 6 months’ Bank Statement in PDF format.|
|Step 5||Upload your ITR and bank details, then proceed.|
|Step 6||Complete the form. Verify your email by entering the OTP.|
|Step 7||Choose the desired bank and its respective branch from which you want to take the loan.|
|Step 8||Your loan will get approved in 59 minutes, and the amount will be transferred in seven to eight days.|
Here Are Some Recent Developments until June 2022
- Total Number of Applications: 2,40,852
- In-principle approval of loans up to Rs. 1 crore is possible through the portal. The web portal is linked with the GST portal.
- 2,40,852 numbers of loans involving Rs. 81,690 crores have been sanctioned
- 2,23,507 numbers of loans involving Rs. 66,256 crores have been disbursed
Whether you’re looking for a PSB loan or business finance in general, Tata Capital should be your first choice! Apart from our attractive interest rates, we also offer flexible eligibility terms, structured EMI plans, hassle-free paperwork, and collateral-free financing for maximum convenience.
What’s more, you can calculate your projected EMIs beforehand with our business loan EMI calculator. To know more about our financing options, click here.