PSB Loans in 59 Minutes: You Must Know Elements Before Applying
PSB loans in 59 minutes is a business, personal, auto, and home loan scheme which was launched by our Prime Minister– Mr. Narendra Modi on November 2, 2018, as a festive present to the MSME industry.
Under the loan scheme, businesses can avail of fund facilitation between Rs. 1 lakh and Rs. 5 Crores within 59 minutes from financial institutions (banks and NBFCs) to expand their business.
Below we have talked in detail about all the important aspects of PSB Loans in 59 minutes that you must know if you consider applying for it. Take a look to comprehend.
Features and Benefits of PSB Loans in 59 Minutes
Following are the features and benefits that the MSMEs and self-employed businesses can enjoy under the PSB loan in 59 minutes scheme:
- Interest Rate
PSB loans in 59 minutes interest rate start from 8.50% p.a. and can vary as per the lender.
- Latest technology-backed loans
PSB loans in 59 minutes scheme is backed with an integrated technology system. Thus, the loans are given with zero or nominal human involvement, including evaluation of the credit profile of the borrower at least till the loan approval.
- Nominal Turnaround Time
Since other sorts of loan for business take around 30 days to get approved and processed, PSB loans in 59 minutes is are quite different and substantially takes just 59 minutes for the same.
- Minimal Documentation Requirement
Along with the hassle-free process of loan approval, the businesses can avail of the 59 minutes loan with nominal e-KYC documents and proofs of income.
- Multiple Alternatives
The borrower can apply for a business loan with multiple moneylenders at the same time for loan amounts ranging between Rs. 1 lakh and Rs. 5 crores under the PSB loans in 59 minutes scheme.
- Data Security
Every data of the borrower be safe and secured throughout the entire process from procuring data to the assessment of data to the disbursal of the loan.
Registration Process of PSB Loans in 59 Minutes
To register for PSB Loans in 59 minutes, you will be required to undergo the below-mentioned steps:
- Go to the official website of PSB Loans.
- Click on ‘Register’.
- Enter the required details such as name, email, mobile number, etc.
- Click on the option stating ‘Get OTP’.
- Key in the OTP that you received on your registered phone number.
- Click on ‘Agree’ to the terms and conditions as mentioned.
- Click on the option stating ‘Proceed’.
- Create your password for future reference.
Eligibility Criteria of PSB Loans in 59 Minutes
In order to take out the PSB Loan in 59 Minutes, you must gratify the following eligibility criteria:
For self-employed
- You must be GST and IT compliant.
- You must attach the last 6 months’ bank statements.
In addition to this, your eligibility would also be determined based on the following factors:
- Existing credit facilities
- Income/Revenue
- Repayment capacity
- Other terms and conditions set by the lending institution
Documents Requirement of PSB Loan in 59 Loan Minutes
In order to apply for PSB 59 minutes loan, you will be required to submit the below-stated fundamental documents:
- GST Details
The documents required for GST details would vary on the basis of the following factors:
- Single GST Registration
GST Identification Number, GST Username and OTP.
- Multiple GST Registrations
GST Identification Number, GST Username and OTP for each registration. Although, you will need to provide one GST number as primary.
- Not Registered with GST
If you are not GST registered, you can give your business and sales information manually by self-declaring.
- Income Tax Details
You will be required to submit the following Income Tax details on the basis of the nature of the loan:
- Term Loan
Last ITR-3, ITR-5, and ITR-6 (in XML format)
- Working Capital Loan
ITR-3, ITR-5, and ITR-6 (in XML format) and ITR-4 (in XML/ PDF format).
- Bank statement of last 6 months
You can upload bank statements for a maximum of 3 bank accounts on the website, and it’s preferable to upload the bank statement which is more active (in PDF format).
- Details associated with the existing loans.
- Details of the proprietorships, partners, directors.
- E-KYC documents of the loan applicant.
Application Process of PSB Loans in 59 Minutes
After registering, you can proceed to apply for PSB Loan in 59 minutes simply by following the below-mentioned steps:
- Visit the official portal of PSB loans in 59 minutes.
- Click on ‘login’.
- Login using your credentials.
- Follow the instructions and give the required information such as GSTIN, Income Tax Returns (in XML format), last 6 months’ bank statements (in PDF format), Details of director/owners’ basic, personal, educational & ownership details.
- Choose the loan purpose.
- Give required details of existing loans availed by your business (if any).
- Choose the bank through which you want your loan to get processed.
- Make the payment of the convenience fee of Rs. 1,000 plus applicable taxes for approval.
- Download your approval letter.
Conclusion
To conclude, PSB loans in 59 minutes is the best business loan in India since it gives a huge amount of fund support and turnaround with the result within 59 minutes. Although, you should evaluate your precise needs and also assess your repayment capability to be ensured that you don’t default later on EMIs payments if your loan application gets sanctioned.
