What is PSB Loans in 59 minutes?
Psbloansin59minutes is nothing but an online marketplace that allows entrepreneurs to apply for a business loan at a rate of interest of 8.50% onwards. This provision was introduced to streamline the MSME business and encourage the model of self-employed business in India by decreasing the long queues and loan approval process at the bank.
Moreover, PSB loans in 59 minutes focus on approving the business loan within 59 minutes which thereby reduces the long process of 30 days and makes it disbursed in 7 to 8 business days once it is approved.
Eligibility Criteria and Documents required for PSB loan
Below are certain eligibility criteria to apply for a PSB loan
If the borrower exists for the business, he or she should have a login ID of psbloansin59minutes.com, IT compliant, GST, and bank statement of at least six months. You should know the below factors before applying for a PSB59 loan or business loan from psbloansin59minutes.com:
- Repayment Capacity of the Borrower
- Other factors set by the Financial Lender
- Existing Credit Facilities
Also, have a look at the documents given below that are needed to apply for a business loan. The applicant of the loan with existing business can apply for a small business loan with the below-given documents:
- GST Details: GST Username and GST Identification Number (GSTN)
- Duly filled the form with passport-sized photographs
- Information of Income Tax: ITR of Latest 3 years in XML Format
- E-KYC Documents of the Loan Applicant
- Details of Directors/Partners/Proprietorship
- Details of the Loan Needed
- Latest six months’ Bank Statement in PDF Format: The applicant of the loan can upload a bank statement for a maximum of three bank accounts on the web portal. It is recommended to upload bank statements with the major bank transactions.
- Any Other Document Needed by the Lender
Features of PSB59
Check out the important features of PSB59 which are as follows:
Rate of Interest: The interest rate for PSB loans in 59 minutes begins from 8.50% onwards per annum.
Safe and Secure: The online marketplace perceives the security of the details given by the loan applicants. The whole information of the loan applicants is safe and secure with the top-level of security.
Minimal Documentation: In this platform, the whole procedure of a Small Business Loan for MSMEs is expected to be hassle-free and super quick with minimal documents
Integration with Government Facilities: This platform is desegregated with the latest provisions such as bank statements, GST, Income Tax Return thus it helps in the decision making of the loan application.
Advanced Technology Backed Loans: PSB Loans in 59 minutes carry out the loans without the intervention of the human till the phase of disbursement or sanction. The analysis is done from different sources of the financial profile of the loan applicant.
Apply at Multiple Banks: PSB Loans in 59 minutes offers an easy process for the loan applicants, liable to apply for Small Business Loans multiple times in one go.
Loan Amount Starting from Rs. 1 lakh: This online platform assists in offering loan amounts from Rs. 1 lakh – Rs. 5 crores to every business individual so that any business requirement no matter what size can be met easily with the prescribed loan amount.
The process to Register for PSB loans in 59 minutes
Check out the procedure to register for PSB loans within 59 minutes right below:
Step 1: Visit the PSB Official website psbloansin59minutes.com and hit on the register button.
Step 2: Register it by entering your full name, mobile number, email address, and press on ‘Get OTP’.
Step 3: Fill in the OTP obtained on the mobile number.
Step 4: Then you have to agree to the terms and conditions given below in the checkbox.
Step 5: Hit on the ‘Proceed’ tab after filling in all the columns.
Step 6: Make a password for the account for reference in the future.
FAQs on psbloansin59minutes
1. What do you mean by PSB Loans in 59 minutes?
Psbloansin59minutes is an online platform adopted by the Indian government with an intention to offer business loans to MSMEs in a process that can approve loan applications within 59 minutes. Thus, the entrepreneurs can apply for a tiny business loan via a PSB loan to meet the requirements of a business.
2. What is the max and min loan amount I can borrow through the PSB portal?
The loan amount begins from Rs. 1 lakh to Rs. 5 crores.
3. What is the interest rate for PSB Loans in 59 minutes provided by SBI?
If we talk about the rate of interest for PSB Loans in 59 minutes, it begins from 8.50% onwards.
4. What is referred to as MSME Loans?
The full form of MSME is Micro and Small Medium Enterprises that are operated by entrepreneurs. MSME loan is offered to business individuals and entrepreneurs who can apply for a loan to enhance their existing business.
5. What do you mean by a collateral-free loan?
A collateral-free loan is nothing but an unsecured loan in which a loan applicant does not need to submit any security or collateral with the respective lender or bank to avail any loan. If required, the security or collateral to be deposited comes in different types and forms like equipment, residential or commercial properties, raw materials, gold, inventory, residential or commercial properties, stock, goods, machinery, vehicles, etc.
6. How can I contact PSB Loans in 59 minutes?
One can contact PSB Loans in 59 minutes by ringing at 079-41055999, +1800 103 7491 (Toll-free number), or send the mail to them at firstname.lastname@example.org.
7. What is the procedure to apply for PSB Loans?
The individuals who would like to enlarge their existing business can apply at www.psbloansin59minutes.com. There you have to register yourself with the required details. Once you register your profile, there would be a set of basic queries which require to be answered with bank statements, the purpose of the loan, bank details, and GST details. The very last stage would be a listing that includes the banks that have been matched with the profile of the loan applicant. You can choose the bank and carry on with the loan application if approved.
8. Can I get a personal loan or home loan from PSB Loans in 59 minutes?
Of course, you can get a personal loan as well as a home loan from PSB Loan in 59 minutes. However, the loan amount and interest rate will rely on the repayment history, monthly income, etc. of the applicant.
9. What is the turnaround period for PSB Loans?
It usually takes 7 to 8 business days in psbloansin59minutes.com to release the loan amount after the approval of the loan application.
10. How can I check my loan application’s status?
For checking the status of your loan application, you have to just go to the official website of the bank by entering a reference number handy or loan application number.
11. Do I have to pay any charges to avail a PSB Loan?
Yes, you would need to pay a defined processing fee at the time of loan approval.
12. Does the borrower have to render collateral for PSB Loans?
It is not essential for the borrowers to offer collateral or security for PSB Loans in 59 minutes.