How to apply for Rs 1 crore loan in 59 minutes for MSMEs

Prime Minister Narendra Modi has announced major steps including 59-minute loan portal for sanction of up to one crore rupees for small and medium enterprises (MSME). 

He said the measures are expected to boost the MSME since the sector is one of the major generators of employment opportunities and making a significant contribution to the overall growth of the country's economy.

The loans are processed without human intervention till sanction and/or disbursement stage. On this platform, MSME borrower is not required to submit any physical document for In-Principle approval. The solution uses advanced algorithms to analyze data points from various sources such as IT returns, GST data, Bank Statements etc

A MSME can take loan starting from Rs 10 lakhs to Rs 1 crore, and their rate of Interest starts from 8% onwards. Also the collateral coverage is not mandatory as the platform is directly connected to CGTMSE scheme.

MSME must have following documents if they want to avail the Rs 1 crore loan.

1 GST Identification Number

2 - Income tax returns in XML format for last 3 years

3 - Bank statement for last six months in pdf format

4 - Director/Owners details: basic, personal, educational & ownership details and networth

Following is process to apply for Loan including FAQ

What is the portal name?

For an SME they have to create a Login at https://www.psbloansin59minutes.com/home

What amount of Loan can be availed?

An MSME can avail business loan from Rs 1 Lakh to Rs 1 Crore

How to Submit Proposal ?

− Click on above mentioned URL.

− Register using Name, Mobile Number and Email Id

− Post Registration, provide required details to avail business loan approval within 59 minutes.

Do you need to pay Fees for Registration? 

No, you don’t need to pay the registration fee.

What are Eligibility Criteria?

For Existing Businesses: Borrower should be GST, IT compliant and must have Net Banking Facility.

Do you need to upload banks statements/ GST / ITR?

To ensure fast, easy and hassle-free loan evaluation process, we need certain details related to your personal and business to ensure authenticity and check eligibility for credit. The Bank Statements/ GST/ ITR details uploaded by the borrower are analyzed in real time to provide required data to lenders, based on which the banker will take a decision on Sanctioning/Disbursing the proposal. Please be ensured, your all personal and business specific data is secure with us. We assure that "your credentials are never stored.

If you have not upload banks statements/ GST / ITR?

You will not be able to complete the borrower journey on the portal

In how much time I will receive funds?

Through the web portal, a borrower can get in-principle approval in just 59 minutes from anywhere at any time. Post in-principle approval, the time taken for loan disbursement depends on the information and documentation provided by you on the portal and banks. The more accurate the data, the sooner you will get disbursal. Generally, post in-principle approval, the loan is expected to be disbursed in 7-8 working days.

What to do after in principal approval is obtained?

The In-Principle approval is given based on the data provided by the borrower. After offering In-Principle Approval, the preferred lender (as selected by borrower) will conduct a thorough due diligence and decide on whether to Sanction/Disburse the Proposal. The final decision will be at the lender’s discretion.

Why my application is not accepted ?

Your application might get rejected due to one or more of below mentioned reasons:

1. You answered Negative in at least in one of the primary questions
2. Your credentials do not match across documents provided by you

    3.Your business does not clear various parameters set by banking partners