If your query is PSB loans in 59 minutes, Here is complete detail All you need to know about PSB loans in 59 minutes.
MSMEs (micro, small and medium-sized enterprises) are the backbone of the country’s economy and play an important role in providing employment for a large part of the population. However, MSMEs find it difficult to raise funds for their businesses. Banks and NBFCs are often reluctant to provide unsecured business loans to MSMEs.
Aware of this challenge, in November 2018, the Prime Minister of India announced a novel initiative to provide central bank loans within 59 minutes. Under the scheme, MSMEs can quickly avail themselves of business loans ranging from 1 lakh to 5 crore rupees. The highlight is that it takes just 59 minutes to apply for and disburse a loan. Apart from SME loans, the portal also offers loans for individuals, such as personal loans, home loans, and auto loans.
In this guide, you will find everything related to this initiative: eligibility criteria, application procedures, loan benefits, and much more.
Table of Contents
What is an RSP loan in 59 minutes?
Psbloansin59minutes.com is an online portal created by an Act of Parliament under the Ministry of Financial Services, Government of India. Through this website, MSMEs and individuals can get quick and easy loans from over 20 public sector banks and other private sector banks and NBFCs.
Advantages of PSB loans in 59 minutes
The processing time for a loan is less than 59 minutes. From application to notification of the outcome of your application, which usually takes days or weeks, your loan is processed within minutes.
- The loan amount is disbursed within 7 to 8 days after the decision is made.
- More than 25 public and private banks and NBFCs will disburse loans through this portal.
- The platform uses various fintech solutions to digitize and automate the lending process and provide a seamless and hassle-free lending experience to the borrowers.
- The entire loan application process is contactless, so borrowers do not need to visit a bank branch for approval.
- The platform uses data from various sources, such as bank statements, sales tax returns, and IT declarations, to determine the borrower’s creditworthiness.
Key features of PSB loans in 59 minutes
- Simple, straightforward, and easy to use
- Ability to apply for a loan anytime, anywhere
- Real-time processing and fast loan approval (within minutes)
- Minimal paperwork
- Hassle-free user experience
- Latest fintech tools to check credit availability
- No human intervention
About PSB loans in 59 minutes loans for business
The platform offers easy and fast business loans to help businesses grow or meet urgent financial needs. You can get business loans for a variety of business-related activities, such as.
- Business expansion
- Purchasing machinery and equipment
- Meeting working capital needs
- Technology upgrades
- Infrastructure development
- Purchasing raw materials and securing inventory
- Expansion of our business scope
- Expansion of our business services
How to apply for PSB loans in 59 minutes
The application process is simple and is done entirely online. The process is as follows
- Visit our website at psbloansin59minutes.com.
- Select “Apply for Business Loans.”
- Enter your business’s GST ID number.
- Upload your most recent tax return in XML format.
- Upload your bank statements for the last 6 months in PDF format.
- Enter information about your business, including the name of the manager, education level, and type of business (sole proprietorship, partnership, limited liability company, etc.).
- In 59 minutes, your loan will be approved.
Necessary requirements and documents for the business credit
The company must be registered with the GST.
- In the case of a single registration, you must provide a unique GSTIN (GST identification number).
- In case of multiple registrations, the GSTIN of all registrations must be provided.
- Last ITR statement of the company
- Company bank statements for the last 6 months.
- If required by the lender, additional business documents may need to be provided.
Home Loans from PSBloansin59minutes.com
This platform offers quick mortgage loans for individuals to meet their financial needs for buying a new home or renovating an existing property. Home loans can be taken out for a variety of needs, such as.
- When you buy a new or existing house
- Buying a house under construction
- For the construction of a house
- For the extension and renovation of an existing house
How to apply for PSB loans in 59 minutes
The application process is simple and is done entirely online. The process is as follows
- Visit the website at psbloansin59minutes.com.
- Select “Apply for Mortgage.”
- Upload your most recent tax return in XML format.
- Upload your bank statements (in PDF format) for the last 6 months.
- Enter personal information such as the borrower’s name, place of employment, income, and age.
- Specify the loan amount and the desired purpose.
- Receive basic loan approval in 59 minutes.
Necessary requirements and documents for a mortgage loan
For salary recipients
- The borrower must provide a bank statement of their salary.
- The borrower must provide a tax return (ITR 1 or 2), as applicable.
For self-employed, freelancers, and entrepreneurs
The borrower must provide an electronic savings account statement.
The borrower must submit an ITR 3 or 4 return, as applicable.
Please note that ITR1, 2, and 4 are in PDF format and ITR3 is in XML format. You may need to submit additional documents if your lender asks you to do so.
PSB loans in 59 minutes Auto Loan
You can apply for a complete car loan from the comfort of your home or office without having to visit a bank. The car loan options are as follows.
- New loans for four-wheelers
- New loans for two-wheelers
- 4-wheel and 2-wheel used car loans
- Loans for bicycles and electric cars
How do I apply?
The application process is similar to a mortgage. Please see the section above for detailed information on the application process.
Car loan eligibility and required documents
Eligibility and documentation requirements are the same, see Mortgage section.
About personal loans at PSBloansin59minutes.com
Personal loans are for urgent financial needs. You can take out a personal loan for planned or unplanned financial needs such as
- Home improvements
- Medical emergencies
- Holidays
- Marriage
- Purchase of jewels
- Debt consolidation
- Raising children, etc.
How to apply
The application process is simple and is done entirely online. The process is as follows.
- Visit our website at psbloansin59minutes.com.
- Select “Apply for a Personal Loan.”
- Upload your most recent tax return in XML format.
- Please upload your bank statements for the last 6 months in PDF format.
- Enter your personal information, such as borrower name, business, income, and age.
- Indicate the amount and purpose of the loan you are requesting.
- Receive basic loan approval in 59 minutes.
Eligibility for a personal loan
- Salary earners between the ages of 20 and 70
- Must be a citizen of India
- Required documents for personal loans
- The borrower must submit the latest ITR 1 or 2 statement (as applicable).
