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Announcing his “Diwali gift” for small and medium enterprises, Prime Minister Narendra Modi on Friday said that loans of up to Rs 1 crore will be sanctioned in 59 minutes through a special portal as part of the Centre’s Micro, Small and Medium Enterprises (MSME) Support and Outreach programme.“I dedicate the 59-minute loan approval portal to you.
All GST-registered small and medium enterprises can now avail a loan of up to Rs 1 crore in just 59 minutes,” PM Modi said while addressing the crowd at the launch of the programme at Vigyan Bhavan in the national capital.PM said, has decided to increase interest subvention on pre and post-shipment credit from three to five per cent. “Interest subvention on pre and post shipment credit for exports by MSMEs has been increased from three per cent to five per cent,
msme loan in 59 minutes
These included availing loans in less than an hour, subsidised cost of capital, enhanced mandatory procurement of goods from MSMEs and 20 hubs and 100 spoke technology training centres.The government has taken an even more exciting step and made it a lot easier for MSMEs to opt for a loan. Easy means it will take less than an hour! In a latest development, the Finance minister Arun Jaitley has launched a new online portal, through which loans up to Rs 1 crore will be dispensed in a span of just 59 minutes.
MSMEs will be able to take loan from Small Industries Development Bank of India (SIDBI) and a few Public Sector Banks (PSBs) as well.
The portal is psbloansin59minutes.com and it mentions this scheme on its website. It says “PSB Loans in 59 minutes is an online marketplace, which will enable In-
Principle approval for MSME loans up to Rs 1 Crore in 59 minutes from Public Sector Banks.”
Post receiving of In-Principle approval letter, the loan is expected to be disbursed in 7-8 working days.
The website added, “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.”
With this platform, the loan processing turnaround time has been reduced from 20-25 days to 59 minutes.
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.
Features of this Rs 1 crore loan in 59 minutes
- 1 The platform is fully compatible with existing banking processes.
- 2 The MSME can apply for a business loan with multiple banks at one go.
- 3 It is equipped with the highest level of Information Security.
- 4 The user banks can create customized loan products as per their credit policy.
- 5 With GST, ITR, Bank Statement, Fraud Check, Bureau Check etc to ease credit decision making.
- 6 With CGTMSE integration, the MSME borrower can get a collateral free loan.
- Therefore, ache din has arrived for MSMEs!
How does this loan approval happens in 59 minutes – check process:
It needs to be noted that, an MSME must have few documents if they want to avail the Rs 1 crore loan. Informations are given below.
1 – GST Identification Number
2 – Income tax returns in XML format
3 – Bank statement for last six months in pdf format
4 – Director/Owners details: basic, personal, educational & ownership details
5 – Inprinciple Approval in 59 minutes
PSBs like SBI, Bank of Baroda, Punjab National Bank, Indian Bank, Vijaya Bank, Allahabad Bank, Andhra Bank, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, IDBI Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab & Sind Bank, Syndicate Bank, UCO Bank, Union Bank and United Bank of India.
Required Documents for Applying to psbloanin59minutes Loan
- · GST Registration and GST ID Code
- · Income Tax codes & E-filling Details
- · Bank Account Statement (6 Months)
- · Documents of ownership details
- · Digital KYC Form
How to get Apply Online for PM 59 Minute Loan Scheme
- Go to the official website that is psbloansin59minutes.com
- Direct link for apply is given below.
- Click on the “Apply Now” tab.
- Click on Sign up for registration.
- Fill the asking details and fill the OTP from registered mobile.
- Tick on “I Agee” and press “Proceed” button.
- After login successfully, fill the other details i.e. GST identification No.
- Upload the required document in correct format as given below.
- (Income Tax return- XML format, Bank Statement- PDF)
- Fill other details and click to submit.
- Your loan will be approved in 59 minutes.
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