PSB loans in 59 minutes was introduced by PM Narendra Modi on 2nd November 2018 as a small Diwali Gift for the Micro, Small, and Medium Enterprises (MSMEs) in India. The Government of India launched a quick business loan portal for those individuals who want to start a new business or expand their existing business. MSME owners can get a psbloansin59minutes loan of Rs. 1 Lakh to Rs. 5 Crores in just 59 minutes under this scheme from Public & Private Sector Banks (PSBs), and Non-Banking Financial Companies (NBFCs).
Updated: 14-05-2024 05:29:15 PM
PSB loan in 59 minutes is a digital marketplace that enables self-employed individuals to apply for instant business loans easily at an interest rate of just 8.50% onwards. This scheme was introduced to promote the ease of MSME Business and self-employed business model in India by decreasing the loan approval process and time. This loan aims at providing approval for business loans in 59 minutes rather than a long 30-day process. The loan can be disbursed in 7 to 8 working days once approved.
Following are the psb 59 minutes loan eligibility criteria in detail:
Existing business owners can apply for PSB small business loan with the following documents:
| SBI msme loan in 59 minutes | PSB loans in 59 minutes BoB | PSB loans in 59 minutes PNB |
| Yes Bank | ICICI Bank | Canara Bank |
| Indian Overseas Bank | UCO Bank | Bank of India |
| psbloansin59minutes Union Bank of India | Federal Bank | Indian Bank |
| IndusInd Bank | IDFC First Bank | SIDBI loan in 59 minutes |
| Punjab & Sind Bank | IDBI Bank | Bank of Maharashtra |
| Kotak Bank | psbloansin59minutes Central Bank of India | Saraswat Bank |
You can get maximum Rs. 5 Crores as psb 59 minutes loan amount in PSB loans in 59 minutes.
After in-principle approval, the duration for psb loan 59 minutes disbursement depends on the information as well as documentation provided by the applicant on the portal and banks. If the data is complete and accurate, you will get loan disbursal soon. Usually, after in-principle approval, the msme loan in 59 minutes can be sanctioned/disbursed within 7-8 working days.
You will have to create your profile by entering your username and password. After creating profile and psb loans in 59 minutes bank login, you can apply for psb loans 59 minutes. The applicant has to enter their business PAN card, GST details, tax returns, bank statements for the last 6 months, bank details, and other information as required. Then they have to select the desired bank and respective branch where they wish to take a psb loan 59 minutes. The applicant gets in-principle approval from the desired bank after which the psb loans in 59 minutes will be disbursed within a few days.
After applying for the psb loans in 59 minutes, applicants can visit the official website of PSB and log in to the 59 minutes loan portal with their credentials to check the status of their loan approval. You can also visit the lending bank’s official website to check loan application status. Make sure you keep the loan application number or reference number handy.
For psb loans 59 minutes, applicants have to pay an interest rate which starts from 8.50% p.a. and a convenience fee of Rs. 1,000 plus GST. This fee is to be paid by those borrowers whose proposal matches with the products of lenders and who want to receive an in-principle approval.
