[email protected]
  • Facebook
  • Twitter
  • Youtube
  • Instagram
AATMNIRBHAR SENA
  • Home
  • About Us
    • Our Leaders
    • Our Mentors
  • Initiative
    • Startup Eco System
    • Mentorship
    • Training to Enterprise
    • Market Research
    • Business and Compliance Training
    • Capital Assistance
    • 100-bed Super Speciality Hospital: A Major Step in the Sphere of Healthcare Services in Sitamarhi
  • Media
    • Our Videos
    • Our Gallery
    • Blogs
  • Contact Us
  • +91-9597642888
  • Join ANS
AATMNIRBHAR SENA
AATMNIRBHAR SENA
Blogs - PSB loans in 59 minutes: A Comprehensive Study

PSB loans in 59 minutes: A Comprehensive Study

Avatar for Aatmnirbhar Sena
Aatmnirbhar Sena
Oct 08, 2020
Startups
PSB loans in 59 minutes: A Comprehensive Study

The scheme of quick business loans, i.e., PSB loans in 59 minutes will encourage India more to be self-reliant. On the auspicious day of Diwali on November 2, 2018, Prime Minister Shri Narendra Modi introduced a small gift for the MSMEs (Micro Small and Medium Enterprises) in India. India’s government has inaugurated a fast and easy business loan portal for people who want to expand their existing business.

Under this scheme of PSB loans in 59 minutes, MSMEs can avail credit sum of Rs 1 lakh to Rs. 5 crore within less than 59 minutes from non-banking financial companies, public sector banks, and private sector banks. To fulfill the increasing demand of micro and small enterprises, five public sector banks came together i.e., State Bank of India, Union Bank of India, Oriental Bank of Commerce, Corporation bank and Andhra Bank and finalised to extend in-principal approval of loan up to Rs 5 crore under “PSB loan in 59 minutes” scheme.

The PSB loans will be approved by these banks only. And recently, Yes Bank also joined the “PSB Loans in 59 minutes” scheme. Small Industries Development Bank of India (SIDBI) led the PSB council to provide easy and quick loans recently joined by Yes Bank. The SIDBI consortium focuses on uplift business opportunities in the MSME sector, which has faced dire consequences due to the Covid-19 pandemic.

According to the latest news, more than 50,000 individuals have got in-principle permission, and more than 27000 propositions have been allowed until March 31, 2019.

The PSB portal works through very high algorithms that merge information from the income tax department, bank statements, GST, fraud, and bureau check with others and automatically decide with top-notch information security levels. This PSB portal is connected to  Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme, when the applicant submits his loan application, the portal applies its algorithms and then analyses the data and decide’s the credit amount than can be allowed and this all is done in 59 minutes.

What are Public Sector Bank/PSB loans in 59 minutes?

Public Sector Bank loans or PSB loans in 59 minutes are an online portal, which allows entrepreneurs to apply for business loans with an interest rate which starts from 8.50%. This decision was taken to simplify the MSME Business and assist the self-employed business model in India by shrinking the loan consent process and long queues at the bank. PSB Loans in 59 minutes seeks at approving of business credits in 59 minutes, thus reducing it remarkably from a huge 30-day long process and expected to be pay-out in 7-8 working days if permitted.

Eligibility criteria for PSB loan:

Businesses existing from a long time should be GST, IT compliant with bank statements of six months.

PSB loan is decided on some of the following factors-

  • Revenue from the business
  • Capacity of the borrower
  • Previous credit provisions
  • Loan repayment
  • And other factors established by the fellow banks in the PSB scheme

Benefits of PSB loans in 59 minutes

  • Interest rate– Rate of interest for loans from PSBs begins from 8.50%
  • Less paperwork– With the initiative of PSB loans in 59 minutes, total process of the loan of a small business for MSMEs has become quite easy, quick, and inconvenient, requiring less documentation because all work is done online.
  • Loans from Rs 1 lakh to Rs crore– PSBs provide loans from Rs 1 lakh to Rs 5 crore to any business and according to their revenue and repayment capacity.
  • Use of Technology– PSB loans in 59 minutes is an online portal connected to the income tax return, GST, and checks any other frauds and does not need human help in the process; that’s why it is advance hassle-free. Human intervention is needed only at the time of loan pay-out.
  • Multiple bank involvement- In PSB loans, there are six banks until date, which makes it easier as the individual can apply for a single business loan at many banks.
  • Secure Information– High level of security is used to protect the user data as provided for loan procurement. The complete data given by an individual is safe.
  • Integrated facilities– The portal is integrated with facilities like GST, ITR. Banks statements to make it hassle-free and don’t need much paperwork.

Documents require for a loan

  • GSTIN and GST username
  • Information of income tax
  • Bank statement of six months
  • Information for the loan required
  • E-KYC docs of applicant

PSB loans in 59 minutes are basically aimed at automatic loan approval for MSME businesses quickly and easily where the applicant is given different bank options from whom he wants the loan. And with all this, Aatmnirbhar Sena stands with the new upcoming entrepreneurs to help them reconstruct the business and empower them and their businesses with affordable short-term and long-term loans.       

Search

Categories

  • Andhra Pradesh Govt Scheme
  • Assam Govt. Scheme
  • Atmanirbhar Bharat
  • Bihar Govt. Scheme
  • Business
  • Central Govt. Schemes
  • Gujarat Government Scheme
  • Haryana Govt Scheme
  • Himachal Pradesh Govt Scheme
  • Karnataka Govt. Scheme
  • Latest News
  • Madhya Pradesh Govt. Scheme
  • Make in India
  • MSME
  • Other
  • Rajasthan Govt. Scheme
  • Startups
  • Tripura Govt. Scheme
  • Uttar Pradesh Govt Scheme
  • Uttarakhand Govt. Scheme
  • Yojana

Recent Posts

  • Vande Bharat Express: A Progressive Initiative of Make in India Campaign
  • Cheesecake Business in India- A Flowering Business in Trend
  • Eraser Making Business- A Marketable Business Idea in Vogue
  • Vidyanjali 2.0 Portal: Mission is to Strengthen Education
  • क्या है मध्‍य प्रदेश मुख्यमंत्री उद्यम क्रांति योजना 2021: जानें क्या है आवेदन की प्रक्रिया

Related Blogs

डेयरी उद्यमिता विकास योजना

एक प्रोत्साहन पहल – डेयरी उद्यमिता विकास योजना

Startups
Avatar for Aatmnirbhar Sena
Aatmnirbhar Sena
Oct 12, 2020
Scheme for funding High Risk

Everything about Scheme for funding High Risk – High Reward Research

Startups
Avatar for Aatmnirbhar Sena
Aatmnirbhar Sena
Oct 05, 2020
micro-entrepreneurship in india

Micro – Entrepreneurship in India: Contribution to Economic Development

Startups
Avatar for Aatmnirbhar Sena
Aatmnirbhar Sena
Aug 14, 2020
Custard Powder Making Business: A Business of Charm and Profitability

Custard Powder Making Business: A Business of Charm and Profitability

Startups
Avatar for Margesh Rai
Margesh Rai
May 31, 2021
Potato Chips Making Business

Potato Chips Making Business: A Better Business Option

Startups
Avatar for Aatmnirbhar Sena
Aatmnirbhar Sena
Oct 09, 2020
Startup India Project Proposal

Single Point Registration Scheme – Startup India Project Proposal

Startups
Avatar for Aatmnirbhar Sena
Aatmnirbhar Sena
Oct 05, 2020

Quick Link

  • About Us
  • Our Videos
  • Our Gallery
  • Donate
  • Join ANS
  • Contact Us

Our Initiative

  • Startup Eco System
  • Mentorship
  • Training to Enterprise
  • Market Research
  • Business and Compliance Training
  • Capital Assistance

Legal links

  • Terms & Condition
  • Privacy Policy
  • Blogs
  • Sitemap

AATMNIRBHAR SENA

B 78 Sector 60 Noida 201301 Uttar Pradesh India.
Call On: +91-9711318000
[email protected]
Copyright © 2022 AATMNIRBHAR SENA. All Right Reserved.