Up to 1 Crore in 59 minutes for MSMEs Business Loan, Know Process & Eligibility

msmes business loan

Learn about the process of taking MSMEs business loan of up to 1 crore in 59 minutes, all you need to do is submit your document online for this.

The Center’s Modi Government has started a new facility by taking an instant loan to boost your business.

By this, you will get a loan of 1 crore only in 59 minutes. You will have to submit your document online for this.

Complete MSMES Business loan process

According to information available on the Twitter account of the Finance Ministry, The loan must be applied on https://www.psbloansin59minutes.com/signup. Applicants here will have to generate an OTP by filling Name, Email id, Phone number. After the OTP is over, the next process will start.

psb loan in 59 minutes for msmes

Who can apply for this Business loan scheme(MSMEs)?

This facility of the Government is currently working for the Ongoing business.

But in a short time, new business-startups will also be able to provide the loan from this.

The amount of the loan will be credited to your account within eight business days.

Documents to keep up with for Online loan Process

  • GST identification number (GSTIN)
  • GST user id and password
  • Income tax e-filing password
  • Income tax returns in XML format
  • Bank statements last 6 months in pdf format
  • Director/Owners details: basic, personal, educational & ownership details

Convnium fee at application fee of Rs.1000 + GST.

Bank, Ministry, Income tax department will look into it after loan repatriation. If the document is true, the loan amount will be returned to your account.

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These banks will provide loans, this is probably the first opportunity, that the Government bank has come together to provide loans to the MSMEs Business sector.

This includes SIDBI and State Bank of India, Bank of Baroda, Punjab National Bank, Indian Bank and Vijaya Bank.

“In the time taken for you to reach your office, you can now get a loan. We had run a pilot and I had set a target of 72,000 MSMEs under this. As of today, 72,680 have been on-boarded,” said Modi.

msmes loan interest india

These facilities will also be available with MSMEs business loan

It will also be made available to Small Businessmen to make the market available, to make them like the ease of doing business and simplify the regulatory compliance. Merchants will also announce a settlement of the problems faced in GST.

The finance minister launches this web portal on 25 September 2018, and prime minister recently tweeted about is progress recently.

The press release for psb loan in 59 minutes portal Document: Read here

You can also check: Press Information Bureau Government of India

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