In an effort to make it easier to do business in India by offering loans to small and medium enterprises within one hour, Public Sector Bank (PSB) loans within 59 minutes have seen significant growth across the country. Since the inception of the psbloansin59minutes.com portal on September 29, 2018, till February 28 this year, no less than 2,01,863 proposals amounting to Rs 39,580 crore have been disbursed under the business loan category.
Apart from this, about 17,791 proposals amounting to Rs 1,689 crore have been disbursed under the personal loan category, the government informed the Rajya Sabha. This was stated by Union Minister of State for Finance, Bhagwat Kisanrao Karad, in a written response to a question to Rajya Sabha on Tuesday.
The minister said that the portal only offers a platform for quicker approval in principle by the lenders integrated into it.
Regarding the loan management, Karad explained that loan appraisal and processing is done by the respective branches and loan processing centers of the lenders. In addition, the Minister said that many lenders are connecting or integrating with digital credit marketplaces such as psbloansin59minutes.com, paisabazaar.com, CredAvenue, TReDS (Trade Receivables Discounting System) platform, etc. , small and medium-sized enterprises (MSMEs), etc. according to their respective commercial orientation.
“Integration into these credit markets is done by lenders in accordance with their own internal approvals,” the minister said in his response.
Here’s how to get PSB loans in 59 minutes
PSB 59-minute loans are for small businesses, which can borrow up to Rs 5 crore, with the minimum amount being Rs 1 lakh. The interest rate starts from as low as 8.5% per annum and only minimal documents are needed to get the amount.
Necessary documents : All you need to do is provide your GSTIN username, GST, tax filing documents for the past three years, completed application, two passport size photos, bank statement details, loan details and any other document required by the lender.
How to register:
1: Go to PSB official website psbloansin59minutes.com and click on register
2: Register by filling in name, email address, mobile number and clicking “Get OTP”
3: Enter the OTP received on the mobile number
4: Accept the terms and conditions by clicking the checkbox
5: Click “Continue” after entering all columns
6: Create a password for the account for future reference
How to apply for a loan
1: Login to your newly created account
2: Choose your profile as “Company” to benefit from a commercial or MSME loan. Then click Continue
3: Create a profile, enter your professional PAN details and click “Continue”.
4: Fill in your GST information, tax returns and bank statements for the last 6 months
5: Upload your ITR, add other essential details
6: Enter your bank details
7: Enter your business details and give details of any existing loans
8: At this point, you will receive an OTP. Enter it to verify your email address
9: Select your bank and its branch from which you wish to take out a PSB loan
10: You will receive bank approval in principle
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