PSB Loan in 59 Minutes: Apply Online for PSB Loans

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If you are the owner of a Micro, Small or a Medium Enterprise (MSME) and are seeking a loan, there is a government-run scheme that will help you avail the same within an hour. This initiative is known as PSB loans in 59 minutes. It is essentially an online loan marketplace that can help you avail funding of up to ₹5 crores for your business. Additionally, you can also get a personal loan, a home loan, automotive loan or a Mudra loan through this portal. Note that the final amount you will be eligible for will depend on your individual eligibility. One of the defining features of this online marketplace is that it helps you avail funds without having to go through the tedious documentation and verification process that formal banks have in place. This is just one such appealing feature of the PSB loan in 59 minutes initiative. Read on to know more.

Features and Benefits of PSB Loans in 59 Minutes

The defining features and benefits of the PSB Loans in 59 minutes portal are:

Quick loan approval: As the name of the portal suggests itself, you can get a quick loan approval within an hour. This is made possible by the various algorithms that the portal deploys to analyse the documents that submit while applying for an MSME loan.
One form for all lenders: The portal only requires you to fill up a single form for all the lenders that you wish to avail an MSME loan from. This means that you will not have to go through the cumbersome process of filling up forms and submitting the required documents over and over again.
Reasonable cost of borrowing: You can get a ₹5 Crore MSME loan at an interest rate starting from just 8.50% per annum. This means that it will be very easy to repay your loan obligations over time. However, you must remember that the final interest rate applicable to you will depend on your personal eligibility and creditworthiness.
Real time tracking of applications online: Once you have submitted your MSME loan application, you will be able to track the status of the same in real time through the portal itself.
Safe and secure: Since it is a government-backed initiative, the concerned authorities have left no stone unturned to ensure that the sensitive information you provide while applying remains safe. Every detail that you provide is encrypted with the help of best-in-class encryption software. Hence, you can be assured of the fact that your private data will never be leaked.

Eligibility Criteria for PSB Loans in 59 Minutes

The eligibility criteria you must meet to get a loan via the PSB loans in 59 minutes portal is very simple. To qualify for a loan through the portal, all you will need is:

A PSB loan in 59 minutes user profile

Proof of GST Compliance: You must have a valid GST number linked to your enterprise.
Income Proof: You will also need to keep your cash flow statements, income tax returns and profit and loss accounts going back six months in handy while applying for a loan through the portal. These documents will help the portal as well as the lender assess your loan repayment capability.

Additionally, you will need to furnish any document that the concerned lender will ask you for specifically as per their individual lending policy.

How to Apply for MSME Loan Through PSB Loan in 59 Minutes Portal

To be able to apply for a ₹5 Crore MSME loan through the PSB loan in 59 minutes portal, you will need to be a registered user with them. The steps to get yourself registered with the website are as follows:

1. Steps to Register With PSB Loans in 59 Minutes Portal

Step 1: First, help yourself to the official website of the initiative (psbloansin59minutes.com) and then click on the ‘Register’ button.

Step 2: Next, you will have to register by simply filling in your name, your email address and cellphone number.
Step 3: Next, you will need to click on the ‘Get OTP’ button to proceed. Shortly after the same, you will get a one time password (OTP) on your mobile number that you must enter in the correct box to verify your identity and then proceed.
Step 4: Post that, you will need to agree to the Terms and Conditions by ticking on the checkbox and then click on ‘Proceed’ after entering all the columns.
Step 5: Finally, create a password for your account to complete the registration process.

2. PSB Loan Application Process

Step 1: After registering, you will need to login by keying in your user ID and password.
Step 2: Next, since you are basically applying for a business loan, you will have to select your profile as ‘Business’ or ‘MSME loan’ and then click on ‘Proceed’ to venture further.
Step 3: Post that, you will need to complete your profile, enter your business PAN card details and then click on the ‘Proceed’ button to continue.
Step 4: Now, you will need to enter your GST details, upload a copy of your tax returns in XML format as well as your bank statements going back 6 months in PDF format.
Step 5: Post, you will need to upload your Income Tax Returns and add the additional details required. After that, click on ‘Proceed’.
Step 6: Now, you will have to upload your bank details in the specified format and then click on ‘Proceed’ once again.
Step 7: Next up, you will have to share information pertaining to your business and details regarding any existing loans that you might be repaying. After that, you will have to click on a button that will send a one-time-password (OTP) to your email address.
Step 8: Now, you must enter the OTP you have received on your email address to verify the same.
Step 9: Finally, you will need to select the bank that you desire and the branch that you want the PSB loan from.

After you complete step #9, you will receive an in-principle approval from the concerned bank.

Documents Required for PSB Loans

The documents you will need to furnish to get credit from the PSB loans in 59 minutes portal are:

Particulars	Specifics
Application Form	You will need to furnish a duly-filled application form along with two passport-sized photographs.
Income Details	You will need to furnish the last 3 years’ income tax returns pertaining to your business in XML format.
GST Details	You will need to submit your valid GST portal user name and the GST number attached to your firm.
Bank Details	You will need to submit your bank details going back at least 6 months in PDF format.
Business Details	You will need to share information pertaining to your business partners and directors, if any.
Loan Details	You will need to share information concerning the loan amount that you require as well as the repayment tenure of your choice.
KYC Details	You will need to undergo the e-KYC process in the capacity of the applicant.
Miscellaneous Documents	Additionally, you will need to provide any documents that the concerned lender will ask you for.

List of Banks Offering PSB Loans in 59 Minutes

The banks that offer PSB loans in 59 minutes are:

ICICI Bank	YES BANK	Punjab and Sind Bank
Federal Bank	Union Bank	Kotak Bank
Central Bank of India	UCO Bank	Indian Bank
Canara Bank	SIDBI	Indian Overseas Bank
Bank of Maharashtra	SBI	IndusInd Bank
Bank of India	Punjab National Bank	IDFC Bank
Bank of Baroda	Saraswat Bank	IDBI Bank

Who is eligible for availing 59 minutes loan?

If you are a GST-compliant entrepreneur with valid income proof and sufficient documents that prove your loan repayment capability, you are eligible for getting an MSME loan through the PSB loan in 59 minutes portal.

How can I get ₹1 Crore loan in 59 minutes?

First, you will need to register yourself onto the PSB loans in a 59 minutes portal. Next, after doing so, all you will need to do is fill up a basic application form with your personal and business details and upload the required documents at the end of the process. Once done, you will get an in-principle loan approval from the lender of your choice on the basis of the details submitted by you.

Do I need to pay any charges towards the PSB loan?

Just like in the case of any other kind of loan, you will need to pay the standard processing fee to get your MSME loan. Other charges, such as late payment fees or foreclosure charges may apply too, depending upon your circumstance.

What is the rate of interest for PSB Loans in 59 minutes?

The interest rate at which you can get a MSME loan through the PSB Loans in 59 Minutes Portal can be as low as 8.50% per annum. However, the interest rate applicable to you will depend on your personal eligibility and your sanctioned principal amount.

How do I check the status of my PSB loan application?

Once you have successfully applied for an MSME loan through the PSB Loan in 59 minutes portal, you will be given a loan application reference number (ARN) by the concerned lender. You will need to make use of this ARN to check your application status through the official portal of the lender as you please.