In order to promote ease of doing business in India by providing loans to small and medium businesses within an hour’s notice, PSB (Public Sector Bank) loans within 59 minutes have registered a significant growth across the country. Since the inception of the psbloansin59minutes.com portal on 29th September 2018 till 28th February this year, 2,01,863 proposals amounting to Rs.39,580 crores have been disbursed in the business loan category.
In addition, around 17,791 proposals worth Rs 1,689 crore have been disbursed in the retail loan category, the government has informed the Rajya Sabha. Union Minister of State for Finance Bhagwat Kisanrao Karad said this in a written reply to a question in Rajya Sabha on Tuesday.
The minister said that the portal merely provides a platform for faster in-principle approvals by the lenders.
On handling of loans, Karad explained that loan appraisal and processing is done by the respective branches and loan processing centers of the lenders. Besides this, the minister said that many lenders connect with digital credit marketplaces like psbloansin59minutes.com, paisabazaar.com, CredAvenue, Trade Receivables Discounting System (TReDS) platform, etc. or connect with loan customers in various sectors like retail, micro and retail. , Small and Medium Enterprises (MSMEs), etc. as per their respective business focus.
“Onboarding on such credit marketplaces is done by the lenders as per their internal approvals,” the minister said in his reply.
Here’s How To Get A PSB Loan In 59 Minutes
PSB loans in 59 minutes are for small businesses that can borrow up to Rs 5 crore, with a minimum amount of Rs 1 lakh. The rate of interest starts from as low as 8.5 per cent per annum and only minimum documents are required to get the amount.
Required Documents: You only need to submit your GSTIN, GST Username, Income Tax Return papers of the last three years, duly filled application, two passport size photographs, your bank details details, loan details and any other documents required by the lender.
HOW TO REGISTER:
1: Visit the official website of PSB at psbloansin59minutes.com and click on Register
2: Register by filling name, email address, mobile number and clicking on ‘Get OTP’.
3: Enter the OTP received on the mobile number
4: Agree to the terms and conditions by clicking the checkbox
5: After entering all the columns click on ‘Proceed’
6: Create a password for the account for future reference
how to apply for loan
1: Login to your newly created account
2: Select your profile as ‘Business’ to avail Business or MSME Loan. After that Proceed. click on
3: Create a profile, enter your business PAN details and click on ‘Proceed’
4: Fill in your GST details, tax returns and bank statements for the last 6 months
5: Upload your ITR, add other required details
6: Enter your bank details
7: Enter your business details and details of any existing loans
8: At this point, you will receive an OTP. Enter your email address to verify it
9: Select your bank and its branch from which you want to take PSB loan
10: You will get in-principle approval from the bank
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