PSB Loans in 59 Minutes
What is the meaning of PSB Loans?
PSB loan stands for Public Sector Bank Loan. It refers to specific online loans for the MSME sector and entrepreneurs. PSB loan in 59 minutes is a scheme by the government that offers in-principal bank approval on collateral-free loans or working capital loans to MSME under the CGTMSE programme. Loan amount can range between ₹10 lakhs to ₹5 crores and can be applied for from specific private and public sector banks. A swift lending solution for MSEs in India, it allows eligible businesses to get loan approvals online within 59 minutes. Interest rates may vary (usually around 8.50% p.a. onwards) across different banks and based on the loan amount, creditworthiness and viability of the MSME.
Overview of PSB Loans in 59 minutes
Loan Type
MSME Loan/Working Capital Loan
Rate of Interest
8.50% p.a. onwards
Loan Amount
Rs 10 lakh to Rs 5 crore
Repayment Tenure
1 year to 15 years
Processing Fee
From 0.1% to 2% of the sanctioned loan amount
Convenience
You have the option of applying for loans from multiple lenders at one go.
Technological Integration
There are various technological integrations which provides a certain ease to credit decision making.
CGTMSE Coverage
With the integration of CGTMSE, there is a possibility of MSME borrower being able to avail a collateral free loan.
Table of Contents
Aim of the Scheme
- To help MSMEs keep their businesses afloat by helping them with funding. Applicants can get an MSME loan on psbloansin59minutes.com through an online process that helps in speeding up the necessary funding that your business needs.
- The scheme helps to extend easy access to loan facilities for MSME borrowers.
Benefits and Features of PSB Loans in 59 Minutes
- The platform ensures transparency throughout the loan application process, ensuring they understand the progress and status of their loan request.
- Fill in the digital application loan form on your phone or computer at any time
- Only minimal documentation required
- Real time tracking of loan applications online
- You can compare and select the lender offering the most favourable terms, such as interest rates, repayment options and other conditions that suit their financial requirements
- This swift approval process within a maximum of 59 minutes significantly reduces the waiting time typically associated with loan application
- Upon receiving approval, the loan amount is disbursed within 7 to 10 working days from loan sanction
- Sanctioned with or without collateral depending on the loan.
PSB Loans Interest Rates
PSB loan interest rates vary by banks but are competitive as they are designed to support small businesses with affordable financing. Interest rates generally start at 8.50% p.a. onwards. It varies based on the applicant’s creditworthiness, loan repayment capabilities, income of the business and other factors as the lender might apply.
List of Banks/NBFCs Offering PSB Loans in 59 minutes
| Bank of Baroda | IDBI Bank | Punjab National Bank |
| Bank of India | IDFC Bank | Saraswat Bank |
| Bank of Maharashtra | Indian Bank | SBI |
| Canara Bank | Indian Overseas Bank | SIDBI |
| Central Bank of India | IndusInd Bank | UCO Bank |
| Federal Bank | Kotak Mahindra Bank | Union Bank |
| ICICI Bank | Punjab & Sind Bank | Yes Bank |
SBI loan in 59 minutes
| Particulars | Details |
| Interest Rate | 8.50% p.a. onwards |
| Loan Amount | Rs 10,000 to Rs 20,00,000 |
| Tenure | 1 to 6 years |
| Processing Fee | 2% |
PNB MSME loan in 59 minutes
| Particulars | Charges |
| Interest Rate | 8.50% p.a. onwards |
| Loan Amount | Rs 10,000 to Rs 20,00,000 |
| Tenure | 1 to 6 years |
| Processing Fee | 2% |
Eligibility Criteria for PSB Loans in 59 minutes
PSB Loans in 59 minutes have eligibility criteria based on the guidelines set by each lender. Listed below are some of the business activities for which you can apply for a PSB loan in 59 minutes:
- Business Expansion or Infrastructure Development
- Purchase of Plant & Machinery
- Technology Upgrade
- Scaling Operations
- Product/services expansion
- Business Diversification
- Purchase of raw materials
- Daily Cash Flow Requirements.
Additional Documents for Existing Borrowers
For the Business which already exists the borrower should have Login ID at the website, GST and IT compliant and should have the last 6 months bank statement. The platform caters to financial requirements of both GST and Non-GST-registered businesses. PSB loan eligibility is determined by your business’s:
- Income/revenue
- Repayment capacity
- Existing credit facilities
- Other factors set by the lenders.
Also Read: Unsecured Business Loans
Documents required for the loan application
The documents that are required to apply for PSB business loan are mentioned below:
- Duly-filled application form with passport-sized photographs
- Income Tax return proof for at least a year in XML format
- GST Details: GST Identification Number (GSTIN) and GST User Name
- Bank statement of the last six months in PDF files
- Details of the loan required
- Details of Proprietorship/ Partners/ Directors
- E-KYC Documents of the loan applicant
- Any other document required by the lender
Steps to Register for PSB Loans in 59 Minutes
Here are the steps to apply for a loan through the PSB Loans in 59 minutes platform:
Step 1: Go to PSB’s official website psbloansin59minutes.com and click on register
Step 2: Register by filling in your name, Email Address and mobile number and clicking on ‘Get OTP’
Step 3: Enter the OTP received on the mobile number
Step 4; Agree to the Terms and Conditions mentioned below in the checkbox
Step 5: Click on ‘Proceed’ after all the columns
Step 6: Create a password for the account for future reference
How to Apply for PSB Loans in 59 Minutes
Step 1: Go to the official website
Step 2: Click on ‘Register’, if you are a new user
Step 3: Provide the details on your name, Email ID and mobile number. You’ll get a OTP on your number. Enter the OTP and agree to the terms. Click ‘Proceed’
Step 4: Log in and follow the instructions
Step 5: Upload necessary documents for your chosen loan
Step 6: Once submitted, your loan will be approved within 59 minutes and the loan will be disbursed within 7-8 days.
How to check PSB Loan status
To check your PSB loan status, your loan application number will be very useful. Visit the bank’s website and enter your PSB loan application number to check the status of your loan application.
Another way is by logging into the PSB 59 minutes loan portal to check your loan application status through these following steps:
- Visit PSB loan in 59 minutes official portal
- Use your credentials to login to the portal
- View the dashboard and click ‘My Applications’ tab
- Check the status of your application
Contact Information- PSB Loans in 59 Minutes
Contact: 079 41055999
Email ID: [email protected]
Address: First Floor, ashwamegh elegance – 3, opp. Sbi corporate office, sm road, ambawadi, Ahmedabad – 380015
FAQs
PSB loan stands for Public Sector Bank Loan.
psbloansin59minutes.com is an online marketplace, introduced by the Government of India with the aim to provide Business Loan to MSMEs in a process that can approve Loan Applications in 59 minutes. So, the applicants can apply for a small business loan through PSB loan to meet their business requirements.
PSB loan in 59 minutes is a scheme by the government that offers in-principal bank approval on collateral-free loans or working capital loan to MSMEs under the CGTMSE programme. Loan amount can range between ₹10 lakhs to ₹5 crores and can be applied for from specific private and public sector banks.
No, there is no registration fee to apply for PSB Loans.
Yes, there shall be a defined processing fee that you will have to pay at the time of loan approval.
psbloansin59minutes.com takes 7 to 8 working days to disburse the loan amount after the loan application has been approved.
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