PSB Loans in 59 Minutes

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.

• Loan amount: You can avail a psb 59 minutes loan amount starting from Rs 1 Lakh to Rs 5 Crore under PSB Loans in 59 minutes to help small business owners meet any small or big business requirement easily.

Following are the psb 59 minutes loan eligibility criteria in detail:

• Any existing business that wants to apply for PSB 59 term loan or working capital loan, should be IT compliant
• Existing businesses must have bank statements of at least 6 months.
• The platform caters to business financial requirements of GST registered as well as non-GST registered businesses.
• If your business is not registered with GST, you can declare 12 months sales details manually.
• The applicant’s loan eligibility is determined by their income/revenue, repayment capacity, existing credit facilities availed, and any other factors as set by lenders.
• For existing businesses, the borrower should have Login ID of psbloasnin59minutes.com.

Existing business owners can apply for PSB small business loan with the following documents:

• Duly filled in and signed loan application form along with passport-sized photographs.
• GST Identification Number (GSTIN) and GST User Name.
• Latest Income Tax Return of 3 years for term loan and 1 year for working capital loan, in XML format.
• Bank statement of last 6 months in PDF Format. The applicant can upload bank statements for a maximum of 3 bank accounts on the portal.
• Details of the loan required and Proprietorship/ Partners/ Directors.
• E-KYC documents of the applicant.
• Any other document as requested by the lender.

• Visit the official website of PSB, i.e. psbloansin59minutes.com.
• Click on the register and register by entering your name, email address, and mobile number.
• Click on ‘Get OTP’ and enter the OTP received on your mobile number.
• Agree to the Terms & Conditions mentioned in the checkbox.
• Now click on the ‘Proceed’ button after entering all the columns.
• Create a Password for your account for future reference.

• Login in to your profile by entering the username and password.
• After psbloansin59minutes bank login, select ‘Business’ as your profile for business/MSME loan and click on ‘Proceed’.
• Now create your profile by entering your business PAN card and then click on ‘Proceed’.
• Add GST details, Tax Returns (in XML format), and bank statements of the last 6 months (in PDF format).
• Upload your ITR and add required details before clicking on ‘Proceed’.
• Upload your bank details and then click on ‘Proceed’.
• Enter details of your business and any existing loan (if any).
• Enter ‘OTP’ in the given space to verify your email address.
• Choose the desired bank and respective branch from where you want to take a PSB loan.
• You will receive in-principle approval from the selected bank.