In a boost to ease of doing business in India by making loans available to small and medium businesses in an hour’s notice, PSB (Public Sector Bank) loans within 59 minutes has recorded a significant growth across the nation. Since the inception of the psbloansin59minutes.com portal on September 29 2018, till February 28 this year, as many as 2,01,863 proposals amounting to Rs 39,580 crore have been disbursed in the business loan category.
Apart from this, around 17,791 proposals amounting to Rs 1,689 crore have been disbursed in the retail loan category, the government has informed the Rajya Sabha. This was stated by the Union minister of state for Finance Bhagwat Kisanrao Karad in written reply to a question in Rajya Sabha on Tuesday.
The minister stated that the portal only offers a platform for speedier in-principle approval by lenders onboarded on it.
On handling of loans, Karad explained that loan appraisal and processing is carried out by respective branches and loan processing centres of the lenders. Further, the minister said that many lenders connect or integrate with digital credit marketplaces like psbloansin59minutes.com, paisabazaar.com, CredAvenue, Trade Receivables Discounting System (TReDS) platform, etc. to connect with loan customers in various segments, like retail, micro, small and medium enterprises (MSMEs), etc. as per their respective business focus.
“Onboarding on such credit marketplaces is done by the lenders as per their own internal approvals,” the minister stated in his reply.
Here is How to Take PSB Loans in 59 Minutes
PSB loans in 59 minutes are meant for small businesses, who can borrow an amount of up to Rs 5 crore, with the minimum amount being Rs 1 lakh. The rate of interest starts from as low as 8.5 per cent per annum and only minimal documents are require to get the amount.
Documents Needed: You only need to furnish your GSTIN, GST username, Income Tax Return Papers of last three years, the duly filled application, two passport sized photos, details of your bank statement, details of the loans and any other document required by the lender.
How to Register:
1: Go to PSB Official website psbloansin59minutes.com and click on the register
2: Register by filling in name, Email Address, mobile number and clicking on ‘Get OTP’
3: Enter the OTP received on the mobile number
4: Agree to the Terms and Conditions by clicking on the checkbox
5: Click on ‘Proceed’ after entering all the columns
6: Create a Password for the account for future reference
How to Apply for Loan
1: Login to your newly created account
2: Choose your profile as ‘Business’ to avail business or MSME loan. Then click on Proceed
3: Create a profile, enter your business PAN details and click on ‘Proceed’
4: Fill out your GST details, Tax returns, and bank statements for the last 6 months
5: Upload your ITR, add other essential details
6: Enter your bank details
7: Enter your business details and give details of any existing loan
8: At this point, you will receive an OTP. Enter that to verify your email address
9: Select your bank and its branch that you wish to take a PSB loan from
10: You will receive in-principle approval from the bank