Eligibility Criteria for MSME Loans in 59 Minutes
One should know the following eligibility before applying for psbloansin59minutes:
- Minimum turnover is required.
- The borrower should know his/her repaying capacity.
- Existing loans.
- Various other factors required with financial lenders.
Documents Required for 59 Minutes in Loan
The borrower can apply for an MSME loan through the following documents:
- GST details comprising GST Identification Number (GSTIN) and GST username.
- Income tax return for minimum 1-year details in XML format.
- Bank statement for last 6 months.
- Loan requirement details.
- Proprietorship/ Partners/ Directors details - basic, personal, educational, and ownership details.
- E-KYC Documents of the Loan Applicant
How to Apply for PSB Loans Online to Get Approval in 59 Minutes
- Step 1: Go to the MSME Loan in 59 minutes website psbloansin59minutes.com and register through adding details such as name, email address, and mobile number, click on the OTP to get OTP number, agree to the terms & conditions and click proceed.
- Step 2: Create an account password for future reference.
- Step 3: Log in to your profile by entering your user name and password.
- Step 4: Select your profile as ‘Business’ for business or MSME loan and click on ‘Proceed’.
- Step 5: Create your profile, enter your business PAN card and click on ‘Proceed’.
- Step 6: Further, add GST details, Tax returns (XML format), and bank statement for the last 6 months in PDF format.
- Step 7: Upload your ITR, bank details and click on ‘Proceed’ for eac4.
- Step 8: Mention your business details and any existing loan details as requested.
- Step 9: Enter OTP to verify your email address.
- Step 10: Select the desired bank and respective branch that you wish to take a loan from.
- Step 10: You shall receive approval for the amount expected from the desired bank
Type of MSME Business Loans in 59 Minutes that Can be Applied For
- Term Loan - financing of business loan for a variety of business requirements such as business expansion, machinery purchase, etc.
- Working Capital Loan - Short term funding for day to day operations ensures the smooth functioning of the business.
- Mudra Loan - financing to the non-corporate and non-farming. The Mudra scheme is divided into Shishu (up to Rs 50,000 loan), Kishore (up to Rs 5,00,000 loan), and Tarun (up to Rs 10,00,000 loan)
MSME Loan in 59 Minutes vs NBFC Business Loans
The concept of fast MSME loan is not new. Many NBFCs like ZipLoan have already been offering fast business loans for a long time now. The following are the differences between the MSME loan in 59 minutes and NBFC business loan.
- MSME loan in 59 minutes can be availed by filling an online application on the portal. On the other hand, NBFC loans are also offered online and can be availed easily by filling the online business loan application form from home anytime.
- The documents required for MSME loan in 50 minutes scheme include bank statement (6 months), digital version of KYC, ITR (3 years), e-filing details, GST certification & ID & password, ownership details of the current ventures, and personal details of the applicant (& partners if any) along with the educational details. Whereas the documents required for NBFC business loan include PAN card, ITR (last 1 year), bank statement (last 1 year), residence address proof, and business place proof.
- The maximum and minimum loan amount one can avail under MSME loan in 59 minutes is INR 10 lakhs and 5 crores. And in NBFC business loan, it is as less as just INR 1 lakh to 5 crores.
- Although you will get loan approval in 59 minutes, the loan would be disbursed in 7-8 days in the 59-minute loan. The NBFC business loans are disbursed in less than a week.
The loans offered under both categories are collateral-free business loans. However, NBFCs offer other features, such as a top-up loan, no foreclosure charges after the payment of 3 EMIs, etc. They also have a social media presence and offer mobile App and customer support to assist customers for a happy business loan availing experience.