MSME Loan
What is 59 Minutes PSB Loan?
The government of India introduced a quick business loan portal for the individuals who wish to expand their existing business. Under this scheme MSMEs can get loan amount from Rs. 1 Lakh to Rs. 5 Crore in less than 59 minutes from public and private sector banks and Non-Banking Financial Companies (NBFCs).The government of India introduced a quick business loan portal for the individuals who wish to expand their existing business. Under this scheme MSMEs can get loan amount from Rs. 1 Lakh to Rs. 5 Crore in less than 59 minutes from public and private sector banks and Non-Banking Financial Companies (NBFCs).
Features of 59 Min MSME Loan
- Loan Amount: Starting from Rs 1 Lakh to Rs 5 Crore
- Rate of Interest: Starting from 8.50% onwards
- Minimal Documentation: Quick and hassle-free process with minimal documentation
- Advanced Technology Backed Loans: Processed without human intervention, utilizing various sources for financial analysis
- Apply at Multiple Banks: Convenient process allowing applicants to apply for Small Business Loans at multiple banks simultaneously
- Safe and Secure: Highest level of security for the information provided by loan applicants
- Integration with Govt. Facilities: Integrated with facilities like Income Tax Return, GST, and Bank statements for informed decision-making
Documents Required
- Pan Card: Pan Card of the Company /LLP or Firm
- Certificate of Incorporation, MOA & AOA
- GST Certificate
- Passport Size Photograph
- Latest 3 years’ ITR in XML format
- Utility bill: Electricity, telephone, water, gas, post-paid mobile phone, property tax
- Income/sales tax returns
- Bank account statements
- Last 6 months’ Bank Statement in PDF Format: The Loan Applicant can upload Bank Statement for a maximum of 3 bank accounts on the portal. It is preferable to upload the Bank Statement having the major bank activities
- Details of the Loan Required
- Details of Proprietorship/ Partners/ Directors
