PSB Loans in 59 Minutes- Get Instant Credit

PSB Loans in 59 Minutes is an online platform that allows self-employed customers to apply for business loans with interest rates starting at 8.50% per annum.

Within this scheme, MSMEs can obtain loan approvals ranging from Rs. 50,000 to Rs. 5 crores in as little as 59 minutes from Public and Private Sector Banks (PSBs), Non-Banking Financial Companies (NBFCs), and other financial institutions.

PSB Loans in 59 Minutes Eligibility

Fulfill the basic eligibility criteria to get the PSB Loans in 59 Minutes:

  1. A required business that is more than 6 months old.
  2. Required business documents like Trade Licence, 1 yr IT File.
  3. Source of Income
  4. Repayment Capacity
Also Read: Top 10 Business Loan Apps in India

PSB Loans in 59 Minutes Benefits

Loan Amounts Beginning at Rs 50,000: PSB Loans in 59 Minutes assists in providing loan amounts ranging from Rs 1 Lakh to Rs 5 Crore to all business individuals, allowing any business requirement, large or small, to be easily met with the loan amount mentioned.

Interest Rate: The annual interest rate for PSB Loans in 59 Minutes begins at 8.50 percent.

Documentation is minimal: With PSB Loans in 59 minutes, the entire Small Business Loan for MSMEs process is expected to be super quick and hassle-free, with minimal documentation.

Advanced Technology: PSB Loans processes loans in 59 minutes without human intervention until the stage of sanction or disbursement.

Apply at Various Banks: PSB Loans in 59 Minutes offers an easy process for loan applicants who want to apply for New Business Loans multiple times in one sitting.

Also Read: Bank of Baroda digital mudra loan

Documents Required For PSB Loans

In order to apply for PSB loans in 59 minutes, you must have the following documents.

Loan With the following documents, an applicant with an existing business can apply for a small business loan:

  • A completed application form with passport-sized pictures is required.
  • GST Information: GST Identification Number (GSTIN) and GST (Goods and Services Tax)
  • Taxpayer’s Name: ITRs from the last 2 years in XML format
  • 6 months bank statement pdf format. On the platform, the Loan Applicant can upload Bank Statements for up to three bank accounts. Uploading the Bank Statement with the significant bank transactions is preferred.
  • Details of the loan are required, as well as information about the proprietorship, partners, and directors.
  • E-KYC Loan Applicant’s Documents Any other document requested by the lender.

How to Apply For PSB Loans in 59 Minutes

Step 1  Go to the PSBLoansin59minutes website to apply and register.

Step 2  Select ‘Business’ as your profile type to apply for a business or MSME loan. Then select Proceed.

Step 3 Create a profile, input your company’s PAN, and click ‘Proceed.’

Step 4 Complete your GST information, tax returns, and bank statements for the previous six months.

Step 5 Upload your ITR and fill in any other necessary information.

Step 6 Fill up your bank account information.

Step 7 Provide information about your company and any existing loans.

Step 8 You will receive an OTP at this moment. To validate your email address, type that in.

Step 9 Choose your bank and the branch where you want to get a PSB loan.

Step 10 The bank will give you an in-principle approval.