Finance Minister of India Arun Jaitley has launched a web portal through which the Indian citizen can credit loans up to Rs 1 crore in just 59 minutes.This facility has been developed so as to boost credit availability to Micro, Small and Medium Enterprises (MSMEs). It will be from Small Industries Development Bank of India (SIDBI) and 5 Public Sector Banks (PSBs) the interested portal will enable principal approval of loans up to Rs 1 crore for MSMEs in 59 minutes.
To get this facility,the interested one can apply by online through the website( www.psbloansin59minutes.com.) By implementing this type of loan facility,the finance section sets a new benchmark in loan processing and reduces the turnaround time from 20-25 days for processing of loan procedures to 59 minutes,.After applying and get approved the loan amount will be disbursed in 7-8 working days.
key features of the
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- From SIDBI and 5 PSU Banks,MSMEs will be able to apply for loans ( banks include State Bank of India, Bank of Baroda, Punjab National Bank, Vijaya Bank and Indian Bank.)
- Without visiting the branch,one can be able to connect MSMEs with banks.There will not be any type of human intervention until the sanction and or disbursement stage
- To read and analyse data points from sources such as IT returns, GST data, bank statement etc. sophisticated algorithms will be used by the portal.
- Without any collateral using this portal,there will be a facility to get get loans up to Rs 2 crore with MSMEs
How to Apply For Loans:
- You must enter GST Identification Number (GSTIN), GST User-ID & Password
- Must enter Income Tax E Filing password & Date of Incorporation/ Birth OR ITR for latest 3 years in XML format while you are applying
- Current A/c – Net Banking: Username & Password or Bank Statement for last 6 months in PDF format should submit while applying online through the web site mentioned below.
- Required Director/Partner/Proprietor details: Basic, Personal, KYC, Educational details & ownership in the firm
- Convenience fee Rs 1000 + GST on in-principle approval.