MSME loan in 59 minutes is an MSME loan scheme introduced by the Ministry of Micro, Small, and Medium Enterprises. Under this scheme, the small and medium businesses can avail an MSME loan without collateral and at the best MSME loan interest rates in the market
No balance sheet needed
For a business with turnover of 10L+
Straight into your account
After first 6 months
MSME Loans
Unsecured business loans are specially designed for the small businesses which cannot offer collateral or are not willing to risk an asset. ZipLoan offers different MSME loan schemes to business owners at the competitive interest rates and minimal documentation. The funds availed under this type of business funding can be used to increase working capital, increase inventory, upgrade machinery, or invest more capital.
MSME or the Micro, Small, and Medium Enterprises is the department which is controlled by the central government. Arun Jaitley, Finance Minister, launched a portal psbloansin59minutes.com which enables the MSMEs to avail an MSME loan in 59 minutes. This portal was launched in September 2018 and is supervised by the Micro, Small, and Medium Enterprises Department.
The MSME loan in 59 minutes scheme offers business loans ranging from INR 10 lakhs to 1 crore. Notably, the MSME loan would be approved or disapproved in 59 minutes under this scheme. However, the loan amount would be disbursed in 7-8 days. The MSME loan interest rate under the MSME loan in 59 minutes scheme would be 8%. Nonetheless, it would vary on the loan applicant’s CIBIL score, business activities, proprietorship, and other business-related financial factors. The processing fees for MSME loan in 59 minutes is INR 1,000 plus the applicable taxes.
The concept of fast MSME loan is not new. Many NBFCs like ZipLoan have already been offering fast MSME loans for a long time now. The following are the differences between MSME loan in 59 minutes and NBFC business loan.
1. 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.
2. 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.
3. The maximum and minimum loan amount one can avail under MSME loan in 59 minutes is INR 10 lakhs and 1 crore. And in NBFC business loan, it is as less as just INR 1 lakh to 1 crore.
4. 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.
