INTRODUCTION TO PSB 59
PSBloansin59minutes.com is an online marketplace, which enables self-employed professionals and MSMEs to apply for business loans and Mudra loan at an interest rate of 8.50% p.a. onwards. Under this loan scheme initiated by SIDBI, individuals and enterprises can get loan approval for amount from Rs. 10 Lakh to Rs. 5 Crore in less than 59 minutes from Public and Private Sector Banks (PSBs), NBFCs, etc.
Eligibility Criteria
For the Business which already exists the borrower should have a Login ID of psbloasnin59minutes.com, GST, and IT compliant, and should have the last 6 months’ bank statement. Know your eligibility before applying for a business loan from psbloansin59minutes.com:
- Income/Revenue
- Repayment Capacity of the Borrower
- Existing credit facilities
- Other factors set by the Financial Lender
Loan Details
- Loan Type: MSME Loan/Working Capital Loan
- Rate of Interest: 8.50% p.a. onwards
- Loan Amount: Rs. 10 lakh – Rs. 5 crore
- Repayment Tenure: 1 year – 15 years
- Processing Fee: From 0.1% to 6% of the sanctioned loan amount
- MSME loan options from its 21+ partners
- In-principal approval in 59 minutes
- Minimal Documentation: Nominal paperwork required
- Advanced Technology Backed Loans: Rs. 1000 + GST for Digital approval
- Integration with Govt. Facilities: PSB Loans in 59 minutes is integrated with the latest facilities like Income Tax Returns, GST, and Bank statements so it helps in the decision-making of the loan applicant
Documents Required for Loan Application
Loan Applicant with existing business can apply for small business loan with the following documents:
- Duly filled application form with passport-sized photographs
- GST Details: GST Identification Number (GSTIN) and GST User Name
- Details of Income Tax: Latest 3 years’ ITR in XML format
- Last 6 months’ Bank Statement in PDF Format: The Loan Applicant can upload Bank Statements 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
- E-KYC Documents of the Loan Applicant
- Any other document required by the lender
eligibility criteria of psb loan in 59 minutes
a borrower’s loan eligibility is predominantly determined based on:
- income/ revenue
- repayment capacity
- existing credit facilities
- any other parameters as set by lenders
Advantages of PSB loans in 59 minutes:
This scheme is regarded as an online lending marketplace and whose star attraction is providing in-principle approval for entrepreneurs who are seeking to provide momentum to the economic wheels and also providing employment to the masses. The various loan variants are working capital loans and term loans.
Amazing features of this loan scheme is that credit disbursement time has been reduced to 59 minutes from the previous time period of months.
This helps to give clarity to entrepreneurs and form an opinion regarding the quantum of credit they are eligible for so that they can plan their business models accordingly. After receiving the in-principle approval letter, most banks disburse the sanctioned amount within 8 working
- Digital tracking: Applications are digitally tracked, and the digital approval process can take up to 59 minutes.
- Multiple lenders: The scheme allows users to choose from multiple lenders.
- Quick loans: The 59-minute loan scheme offers quick availability of loans in the form of term loans and working capital loans.
- Minimal documentation: The documentation requirements for PSB Loans in 59 minutes are minimal, making the process of a small business loan for MSMEs instant and hassle-free.
- Affordable interest rates: The interest rate starts from as low as 8.50% per annum.
- Loan disbursal: Loans are disbursed within 7–10 working days of loan sanction.
- Maximum limit: The maximum limit for a PSB 59 loan is 5 crore.
What are the key features of PSB loans in 59 minutes?
1. High-end Technology
· The technological platform of this initiative is entirely compatible with the current banking processes. Our loan services help borrowers to apply for various types of loans.
· This loan scheme acts as an overarching umbrella that consists of home loans, personal loans and business loans. Borrowers can select from a range of banks depending upon their credit perception.
· We adopt highly encrypted technology platforms to safeguard the financial details of the borrowers. The banking interface in this initiative enables users to browse through personalized loan products and educate the borrowers on the credit policies of individual banks.
2. Less turnaround time
No longer are the borrowers required to take appointments from loan officers and stand in long queues, waiting in the financial institutions. The borrowers can get a complete picture of the loan eligibility and if there have the required documents they can get a loan in 59 minutes.
3. Minimum documentation
This loan scheme avoids the cumbersome red tape of banking institutions by streamlining the whole paperwork process. Many entrepreneurs are not fully aware of the comprehensive paperwork required for loan approval and take the help of middlemen and unsavory characters who demand a commission for loan approval. Using this 59-minute loan platform, that enterprises can submit their documents and get in-principle approval of their loan.
4. Security of loan details
Applicants can rest easy that the whole loan application process is safe and secure. The information is stored only for the process of loan sanction and complete privacy of the financial information is guaranteed.