How to apply for MSME BUSINESS LOAN? or Small Business Loan Online In 59 Minutes
Apply MSME Business Loan Online In 59 Minutes. MSMEs which are included under the central government help people in setting up new industries. Small scale industries come under MSME. The present central government has recently launched a new portal, under which small industries will be able to get loans up to 1 crore in 59 minutes. This is a great effort, earlier loan approval used to take months, now this work will be completed in just 59 minutes.
For this, the person taking the loan will have to apply online and how will he work, and what will be the conditions of this new scheme? You read this in detail.
1 Scheme MSME loan in just 59 minutes
2 Announced by- Finance Minister Arun Jaitley
3 Date – 2018
4 Main beneficiaries of the scheme – Small scale industry owners
5 Online Portal – www.psbloansin59minutes.com
6 Loan Amount – Rs.1 Crore Maximum
What are the benefits of this scheme?
1. The main feature of this loan is that this loan will be received in only 59 minutes, that is, all the action taken for the loan will take less than 1 hour.
2. Earlier, for the process of the offline loan, many papers had to be deposited in the bank or other institutions, in which a lot of time was spent, but in this loan received from the application for MSME, all the proceedings will be done without paper.
3. There will be no need to go to the bank to register for the loan under this scheme, for this an online portal has been launched, under which all the proceedings will be done sitting at home.
4. This portal has been designed in such a way that the information entered by you will be verified by this portal within few minutes and whether you are eligible for the loan or not, you will be informed at the same time. Earlier it used to take several days for such a process, but this initiative of Modi ji has made this loan process easy.
5. After this approval, you can select your preferred bank from the given bank list and get a loan from that bank. Further action will be taken by the bank partner.
What is MSME loan related information? [MSME Loan Information]
1. Loan Amount: Under this scheme, the beneficiary can register for a maximum loan of up to 1 crore. This loan will be given only for small-scale industries.
2. Fixed interest rate: The government has not made any clear statement about the interest, but the borrower will have to bear 2% GST on this loan.
3. Fixed tenure of loan: The government or MSME department has not set any guidelines regarding the loan repayment period.
Who can apply for this loan? [Eligibility Criteria for Small Business Loan]
All those industries, which come under the terms of MSME (Micro Small and Medium Industries Department), can apply for this loan. Apart from this, the government has not clearly set any guidelines yet.
How to apply for a loan? [Application Form And How To Apply Online?]
1. To take advantage of this scheme, one has to log in to its official portal https://www.psbloansin59com/signup. This is the main feature of this scheme, that you will not have to go anywhere for this.
2. As soon as you open the site, you will get the signup page, where you have to fill in all the asked information correctly. In this, after filling in your name, ID, mobile number, an OTP code will be sent to your mobile number through a message.
3. If you do not get OTP, then you can click on Resend, from which you will get OTP.
4. After getting the OTP, you will have to fill that OTP very carefully in the next block and click on the link “Proceed” given below, which will complete your sign-up process and create your account.
5. Now if you want, you can change your password further.
6. After this process, you will get this link “Need Fund For Existing/New Business”, clicking on which you will go to the portal from where you have to fill the form for the loan.
7. If your process so far is correct from all sides, then you will get the message of loan approval at the same time.
8. After the loan approval, you have to choose the bank through which you want to take the loan. After that, the further process will be done by the bank.
9. After this approval of the loan, you will need to link your GST, IT department to it, so that you can be confirmed that you are covered under this scheme.
10. After this, you will also have to give all the bank-related information, so that the loan can be transferred to your account.
11. This application process is only for new applicants, who are already involved, they do not have to apply in this way, their ID and mobile number information is sufficient for their account information.
Which documents are important to know to get this loan? [Documents List]
1. To apply under this, the bank information will have to be given, which will also include information about six months of transactions. This is essential information.
2. After joining this scheme, you will have to add your IT account and GST account to it, so it is mandatory for you to have all these documents related to the tax section.
3. With this form the applicant has to get the KYC form scanned and submitted online.
Which are the banks covered under this scheme? [List of Bank in MSME Small Business Loan]
For this scheme, the Central Government has given the workload to the Small Industries Development Bank of India, along with the names of 5 public sector banks that have also been included. But from this bank list, the applicant can choose his bank.
- Small Industries Development Bank of India
- State Bank of India
- Bank of Baroda
- Punjab National Bank
- Indian Bank
- Vijaya Bank
- Allahabad Bank
- Andhra Bank
- Bank of India
- Bank of Maharashtra
- Central Bank
- IDBI Bank
- Syndicate Bank
- UCO Bank
- Union Bank
- Oriental Bank etc.
- Many other banks also want to join this scheme. As this list grows, we will be adding more information to this article. You stay connected with us.
The central government has solved a huge dilemma. Getting a loan is more difficult than doing business in today’s time. Many loan schemes have been brought by the center, but this MSME loan scheme will provide loan to the applicant within 1 hour without any hassle. This will increase employment opportunities in the country and people will also have the courage to do their own business.
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Source of this article :- 59 Minutes Loan Details