Government of India has launched a new scheme to provide speedy loans to set up small industries in the country. Under this scheme, Public Sector Banks will approve loans within 59 minutes. The scheme is launched in association with SIDBI (small industries development bank of India).
PSB Loans in 59 Minutes
The public can apply online for the loan through psbloansin59miuntes.com . Small and medium enterprises can avail loans from 1 lakh to 1 crore through this portal. The banks offering loans under this scheme are SIDBI, SBI, Bank of Baroda, PNB, Indian Bank, Vijaya Bank, Allahabad Bank, Andhra Bank, Bank of India, Mank of Maharashtra, Canara Bank, Central Bank of India, IDBI Bank, Corporation Bank, OBC, Punjab and Sind Bank, Syndicate Bank, UCO bank, Union Bank of India and United Bank of India.
Requirements:
Applicants need following documents to apply for loans under this scheme:
1) GST Identification Number
2) Income Tax Returns in XML format
3) Bank statement for last six months in pdf format
4) Director / owner details: basic, personal, educational and ownership details.
5) Inprincipal approval in 59 minutes.
Online Application:
Interested enterprises can apply online through www.psbloansin59minutes.com . You need to register before applying online for the loan. Here is the process of registration and application submission.
1) Log on to www.psbloansin59minutes.com
2) Register yourself using name, mobile number and email id.
3) Submit required details to avail business loan approval within 59 minutes.
4) If you have already registered, you can directly apply for the loan.
Registration Fee:
The borrower / user has to pay Rs.1000 and applicable taxes as registration charges. They only the application will be processed for in-principle approval. After the approval, Bank will check all the details thoroughly and decided whether to sanction loan or reject the application at their discretion.
Status of Application:
After the submission of application for PSB loan within 59 minutes scheme, you can check the status of your application at the official website. You need to register through the log in details to track your application status.