govinfoadmin
The PM Narendra Modi has launched Support and Outreach initiative for Micro Small and Medium Enterprises (MSMEs) under MSME Support Programme. The initiative provide financial support to the MSMEs and simplifies and quicken loan application procedure for them. Quick loans of upto Rs. 1 crore rupees will be provided to the GST registered MSMEs in 59 minutes. The government has launched website psbloansin59minutes.com to simplify loan applications and makes it fast.
MSME Quick Loan Access Scheme: A scheme to provide quick loans of upto Rs. 1 crore for Micro Small and Medium Enterprises (MSMEs).
psbloansin59minutes.com:
- A portal for online application of MSME loans
- It eases access for credit for the MSME sector
- It helps in completing formalities for grant of loan of Rs. 1 crore in 59 mins (less than an hour)
- 2% rebate for loan of upto Rs. 1 crore is provided to GST registered MSMEs
- Loans starting from Rs. 10 lakh to Rs. 1 crore is given under the scheme at the interest rate starting from 8%
- MSMEs will be able to take loans from Small Industries Development Bank of India (SIDBI) and a few Public Sector Banks (PSBs) under the initiative
- The initiative was announced by the Finance Minister Shri Arun Jaitely in the union budget 2018-19
- The FM launched the portal PSB Loans in 59 minutes an online marketplace
- The loan will be provided in 7-8 working days after receiving In-Principle approval letter
- The loan applications are processed without human intervention till sanction and disbursement stage
- Application for the loans can be made online and only scanned copies of the documents needs to be uploaded
- Physical application form and documents are not required for loan application
- The psbloansin59minutes.com uses advance technologies for verification and data analysis
- It automatically verifies the application with the technologies from banks, GST and IT department
List of documents required for MSME Quick Loan Access Scheme:
- Director/Owners details: basic, personal, educational & ownership details
- Bank statement for last six months (pdf format)
- Income tax returns (XML format)
- GST Identification Number
- Inprinciple Approval in 59 minutes
List of banks under MSME Quick Loan Access Scheme: Bank of Maharashtra, Oriental Bank of Commerce, Punjab & Sind Bank, Bank of Baroda, Punjab National Bank, Indian Bank, Andhra Bank, Vijaya Bank, Bank of India, Canara Bank, SBI, Central Bank of India, Corporation Bank, IDBI Bank, Indian Overseas Bank, Syndicate Bank, UCO Bank, Union Bank, Allahabad Bank and United Bank of India.
MSME Quick Loan Access Scheme: Registration, login & online loan application for 1 crore loan in 59 mins
- CLICK HERE to register at psbloansin59minutes.com
- Provide your name, email id, mobile number and click on Get OTP button
- Enter OTP click on polices, terms and conditions and click on Proceed button
- Enter your password and click on Proceed button
- Provide your GST details and proceed
- Provide your PAN number and upload all the required documents
- Upload your bank statements and proceed
- Provide details of the founder and directors of the company
- Select the bank and the loan that you want to apply for
- Pay online fees and submit your application
