PSB Loans in 59 Minutes, a portal has been launched that enables MSMEs to obtain the loans of up to Rs 1 Crore within an hour- a senior official from finance ministry has declared. The ministry is expanding the scope of credit growth through this digital lending platform.

Financial secretary Mr. Rajiv Kumar said to PTI ” We have started a web portal psbloansin59minuties.com for MSME borrowers but going forward more loan products would be onboard on the portal. It may include the personal loan, home loan etc”

“On the basis of data and experience of the processing system which is fully automated, there is a huge scope for other products in near future. Adding contactless banking is going to be the next big thing in the financial ecosystem and it will create a transparent environment for lending in India.”, he added.

How to apply in Public sector bank PSB Loans in 59 minutes and get in principle approved up to 1 Cr ?

It has the most sophisticated and accelerated procedure of applying for loans we have experienced so far in India. The focus is on less turnaround time. Usually, the documents verification takes most of the time in loan procedure. But while using this portal the loan applicant does not have to submit the documents. The system of this portal works on a certain algorithm. It makes use of borrower’s basic information and captures data from sources such as GST number, IT returns, bank statements etc. As there is no involvement of human intervention, the data verification takes place much quicker. Hence, this procedure is error-free and even the false information is easily trackable.

The platform is user-friendly and encourages zero delays till the stage of disbursement. It is going to revolutionize the entire financial sector by promoting quick and easy loans. It is the new future of the lending industry.

Step 1 Registration

Put the applicant’s name, email id and mobile no in the respective box. After putting valid mobile no, press the ‘get OTP’ option and then you will receive an OTP for verification in both email id as well as mobile you will receive the OTP both the OTP you need to verify Mobile for login again and Email for receiving principle approval.

Step 2 : In this step you will require GSTN, GSTN User ID and GSTN Password for your GST data your GST should be filed properly because the company Capitaworld Platform (P) Ltd will analyse the GST data for analyzing loan eligibility. as well you need to provide Income tax login ID and Password for income tax data from there they will analyse your income tax data Next you will also require bank login online for bank data or you can upload pdf file downloaded from bank and than you can submit.

Step 3 : You will be redirected to a form filing page where you need to put additional demographic details and if you have other directors or partners etc. you will require the details of them as well for successful application and approval, so you can keep pan card copy aadhar card copy of your partners and directors additionally you need to provide net worth so that it will be handy while application process.

Step 4 : In this step you need to fill the requirements of funds how much is your requirements how much is the funds you required for term loan and how much you required for cc limit after filing all this you can submit the details.

Step 5 : now you will required to choose offers generated from banks upon choosing the offer you will ask for the nearest branch of that particular bank, after that you need to give a payment of Rs 1080 for processing the loan application.

Step 4 You will receive an in-principle approval immediately.

Who can apply

As said, at this stage it is specifically for the entrepreneurs from micro, small and medium enterprises (MSME) segment of our country. The MSME sector has been one of the largest contributors to our economic growth. The government has always promoted such steps that can provide some ease to this sector. Those steps have majorly included their loan requirements. But the leap which the introduction of this portal has brought is going to encourage the budding entrepreneurs to proceed unhesitantly.

The finance ministry is very likely to expand this facility to other segments as well.

Banks Involved

The participating banks are :

Small Industries Development Bank of India (SIDBI)

State Bank Of India (SBI)

Bank of Baroda (BOB)

Panjab National Bank (PNB)

Vijaya Bank

Indian bank.