How to apply for an MSME loan online and get approval in 59 minutes

• Micro, Small and Medium Enterprises (MSME) can apply for a 59 minute loan online for amounts up to ₹10 crore.
• To help MSMEs in this regard, the Small Industrial Development Bank of India has set up a fintech platform called PSB Loans in 59 minutes.
• MSMEs can get in-principle approvals for their loan applications within 59 minutes on this platform.
• The platform offers business, personal, home, auto and MUDRA loans.
• Check out this extensive tutorial on how to apply for a 59 minute MSME loan online.

The Indian government announced a special scheme for micro, small and medium enterprises, allowing them to get business and MSME loans within 59 minutes. Applicants can get loans ranging from ₹1 lakh to ₹10 crore, and in-principle approvals are sent within 59 minutes.

The Small Industries Development Bank of India (SIDBI) has set up a fintech platform called PSB Loans in 59 Minutes, in partnership with five other public sector banks, namely the State Bank of India, Bank of Baroda, Punjab National Bank, Vijaya Bank and Indian Bank.

What type of loans are offered under this scheme?

Under this scheme, business loans, personal loans, home loans, auto loans and MUDRA loans are offered.

What is the maximum limit of a 59 minute loan?

Type of loan	Maximum amount
Business loan	₹5 crore
Home loan	₹10 crore
Personal loan	₹20 lakh
Auto loan	₹1 crore
MUDRA loan	₹10 lakh

How to apply for a 59 minute loan for MSME?

To apply for a 59 minute loan for MSME, simply follow these steps:

1. Go to the official website - https://www.psbloansin59minutes.com/home
2. Register your account by entering details like your full name, email address, mobile number and a one-time password (OTP).
3. Answer the basic questions on the screen after registering.
4. Now, enter your GST Identification Number.
5. In the next screen, upload your income tax returns in XML format, or login using details such as your PAN and date of incorporation.
6. Now, you have to upload your bank account statement of the last six months in PDF format. Download this statement by contacting your bank or logging in to your netbanking account.
7. On the next screen, enter the details of the director or proprietor, ownership details and company/business address.
8. Now, you have to enter the purpose of your loan, and any existing or past loans you have taken for your business.
9. Once you enter the above details, you will be asked to choose the bank of your choice. Note that interest rates may vary from bank to bank.
10. Now, pay the convenience fee of ₹1,000 plus taxes to complete your application.
11. Once you make the payment, you will be given an in-principle approval letter within 59 minutes.

As soon as you get the in-principle approval letter, you can visit the bank mentioned in the letter for further processing. It is worth noting that the loan amount indicated in the letter and the loan sanctioned by the bank may vary due to issues identified during due diligence by the bank.

SEE ALSO:

RBI tells banks to assign 'zero' risk for emergency loans to MSME

Finance Minister Nirmala Sitharaman announces six measures for the MSME sector

Supreme Court reserves verdict on extension of loan moratorium period