Small and businesses are critical to the growth of the Indian economy. They are the key drivers to push the agenda of “Make in India”. Hence, the Government of India and the leading financial institutions in India have been helping these small and medium businesses to grow and sustain themselves in a fiercely competitive market.
The scheme for MSME loans in 59 minutes is a part of this initiative to make funds easily and quickly available to these businesses. The best part about this “MSME loan apply in 59 minutes” is that there is zero human intervention.
The MSME loan apply in 59 minutes can be utilized to procure an instant loan of a substantial amount. A loan of INR 1 Lakh to INR 5 Cr. can be easily availed of through this scheme.
You just have to fulfill the criteria for MSME loan eligibility and the whole processing can be completed in no time. These loans are available at an attractive rate of interest starting from 8.5 percent per annum. In this article, we will discuss in detail this scheme and know how to avail of these loans.
What is MSME loan apply in 59 Minutes?
The pandemic of Covid-19 has created unforeseen circumstances for business owners. Small and medium businesses have been most affected by the continuous lockdowns and decline in demand for products. The economy is slowly and steadily paving its way back to its normal days.
To help the Indian economy to reach new heights, it is necessary to help small business owners to recover from the losses and infuse capital in their businesses. To help these business owners stuck in a severe cash crunch, the scheme of MSME loan application in 59 minutes has been launched.
In the era of digital transformations, the financial world has also gone through a paradigm shift. It is due to the high accessibility of the internet and automation in financial services that this scheme has been made possible. Under this scheme, you just have to apply online for an MSME loan and fill in some basic details about your business.
Without any human interference, the portal will assess your application and disburse the loan if everything is found in order. The platform is integrated with Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to check the eligibility of the borrowers.
How to apply for an MSME business loan and get approval in 59 minutes?
The following are the steps to apply for an MSME loan and get approval in 59 minutes. The entire process is completely digital and online.
- You have to first visit the website: psbloansin59minutes.com
- Then you will have to fill in some personal details to register yourself.
- Once you have filled in all the details, you will receive an OTP on your registered phone number. Enter the OTP to login into the portal.
- Then to register your business, you will first have to enter your GST number.
- Then the portal will ask you to upload income tax returns and the date of incorporation of your company
- Then you have to enter the bank statements for the last six months.
- Then enter some basic details about your company’s office like the director or proprietor, ownership details, and the company’s registered address.
- Brief detail about your existing loans, if any, for business will be asked for.
- In the end, you have to pay a convenience fee of Rs 1,000 plus taxes. This marks the completion of your registration process.
Once the payment is done, the loan will get approved in the next 59 minutes if everything is found in order. The final disbursement of the loan amount will depend on the information and documentation provided.
Hence, an MSME loan application in 59 minutes is a great way to procure capital for your business quickly. This procedure cuts down the time taken in submitting the document at a physical office and then someone going through the same before you can know if you will get a loan or not.