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Tata Capital > Blog > Loan for Business > What is the Eligibility to Get PSB Loans?

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What is the Eligibility to Get PSB Loans?

What is the Eligibility to Get PSB Loans?

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 Choose the PSB Loan in 59 Minutes 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.

Key Features of PSB 59 Minutes Loan Scheme

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.

PSB Loan in 59 Minutes: Interest Rates, Processing Fee & Disbursal Timelines

The PSB 59 minutes loan is designed to provide MSMEs with quick and hassle-free financing, ensuring businesses get funds almost instantly. The PSB 59 minutes loan eligibility mainly includes registered MSMEs with valid KYC documents, a stable business track record, and compliance with credit norms. Interest rates for this loan starts at 8.5% p.a and can differ depending on the loan amount and tenure, ensuring affordability for small and medium enterprises. 

A nominal processing fee is charged and varies with the financial institution. Once approved, disbursal takes place within 7 to 8 working days. Understanding MSME 59 minutes loan eligibility and preparing all necessary documents beforehand can streamline approval. The PSB loan in 59 minutes eligibility also considers business turnover and repayment capacity.

For businesses aiming to leverage this scheme, checking the eligibility for PSB loans in 59 minutes and PM 59 minutes loan eligibility criteria is essential. By doing so, MSMEs can secure timely funding to manage operations, expand, or invest in growth opportunities without unnecessary delays.

Eligibility Criteria for PSB 59 Minutes Loan

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.

Documents Required for PSB 59 Minutes Loan Application

You must upload the following documents on the PSB online portal to 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

Step-by-Step Registration Process 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 Apply for a PSB 59 Minutes Loan Online

Here’s a short roadmap on how to avail of the PSB59loan. Complete all the processes in the same order.

OrderProcess
Step 1Register and log in to your profile using your username and password on the official PSB website.
Step 2Select your profile as “Business” for business or MSME loan. Click on “Proceed.”
Step 3Create your profile and enter your business PAN card to proceed.
Step 4Enter GST detail, tax return in XML format, and past 6 months’ Bank Statement in PDF format.
Step 5Upload your ITR and bank details, then proceed.
Step 6Complete the form. Verify your email by entering the OTP.
Step 7Choose the desired bank and its respective branch from which you want to take the loan.
Step 8Your loan will get approved in 59 minutes, and the amount will be transferred in seven to eight days.

Which Banks Offer PSB Loans in 59 Minutes?

Looking to apply for a PSB 59 minutes loan or check your MSME 59 minutes loan eligibility? Several financial institutions now offer fast-track financing options, making it easier for businesses to access funds in under an hour. Understanding the PSB loan in 59 minutes eligibility or PM 59 minutes loan eligibility criteria and the financial institutions offers it can help you get started quickly.

Here’s a list of banks where you can check your eligibility for PSB loans in 59 minutes:

  • State Bank of India
  • Bank of Baroda
  • Punjab National Bank
  • Yes Bank 
  • ICICI Bank
  • Canara Bank
  • Indian Overseas Bank 
  • UCO Bank
  • Bank of India
  • Union Bank of India
  • Federal Bank 
  • Indian Bank
  • IndusInd Bank
  • IDFC First Bank
  • SIDBI
  • Punjab & Sind Bank
  • IDBI Bank
  • Bank of Maharashtra
  • Kotak Mahindra Bank
  • Central Bank of India
  • Saraswat Bank

Common Reasons for PSB 59 Minutes Loan Rejection (and How to Avoid Them)

Even if you meet the PSB 59 minutes loan eligibility criteria, certain factors can still lead to loan rejection. Understanding these common pitfalls can help improve your chances and ensure a smooth application process.

  • Incomplete Documentation: Ensure all identity, address, and business proofs are accurate and up-to-date to meet MSME 59 minutes loan eligibility requirements.
  • Poor Credit Score: A low credit score may affect PSB loan in 59 minutes eligibility. Maintain timely repayments on existing loans.
  • Business Vintage Issues: New businesses might face rejection. Be sure to check if your enterprise meets the eligibility for PSB loans in 59 minutes standards.
  • Mismatch in Loan Purpose: Clarify the purpose clearly, as non-compliance can affect PM 59 minutes loan eligibility.
  • Incomplete Financial Records: Submit accurate and complete financial statements to avoid delays or rejection.

Tips for Faster PSB 59 Minutes Loan Approval

Getting your PSB 59 Minutes Loan approved quickly is all about being prepared and meeting the necessary criteria. Understanding the requirements can help you avoid delays and ensure a smooth process. If you’re aware of the PSB 59 minutes loan eligibility and organise your documents in advance, you can significantly speed up approval. Here are some practical tips:

  • Check Eligibility First: Confirm your PSB loan in 59 minutes eligibility before applying to avoid unnecessary rejections.
  • Keep Documents Ready: Maintain updated KYC, business, and financial documents for instant submission.
  • Maintain a Good Credit Record: Ensure your credit score and repayment history are healthy to boost approval chances.
  • Provide Accurate Information: Fill out the application form carefully with precise business and personal details.
  • Apply Online: Using the official PSB portal can fast-track the process compared to offline applications.

Latest Updates & Statistics on PSB 59 Minutes Loan Scheme

  • 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
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FAQs

What is the minimum eligibility criteria for a PSB loan in 59 minutes?

To meet PSB 59 minutes loan eligibility, your business should be GST-registered, provide at least one year of ITR in XML format, submit six months of bank statements, and meet lender-specific income and credit requirements.

What documents are needed for MSME loan approval under PSB 59 minutes?

 

To apply for an MSME loan under PSB 59 Minutes, you need key documents like your last 3 years’ ITRs, 6 months’ bank statements, GST details, E-KYC, loan requirements, and company ownership information. Ensuring these documents are ready confirms your PSB loan in 59 minutes eligibility.

Which banks provide business loans through the PSB 59 minutes portal?

 

Several financial institutions offer business loans through the PSB 59 minutes portal, including major lenders like State Bank of India, Bank of Baroda, Indian Bank, and IDBI Bank.

How quickly is the PSB loan in 59 minutes disbursed after approval?

 

After approval, the PSB loan in 59 minutes is typically disbursed within 7 to 8 working days, subject to document verification, lender formalities, and fulfilment of all eligibility conditions.

What is the processing fee and interest rate for the PSB 59 minutes loan?

 

The processing fee and interest rate for a PSB 59 Minutes Loan vary by lender, borrower profile, and creditworthiness, and are disclosed during the loan sanction process.

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