MSME Business Loan Apply Online
The Union Finance Minister of India Mr. Arun Jaitley has launched an online and quick loan facility for MSME credit space to apply online for MSME business loans in 59 minutes. Basically, Jaitley has launched a web portal for providing this facility online – psbloansin59minutes.com. Through this web portal, all the interested and eligible persons will be able to get in-principle approval for MSME loans upto Rs. 1 crore in just 59 minutes from SIDBI (small industries development bank) and 5 other public sector banks (PSBs). Now, anyone can apply online for MSME business loans in 59 minutes.
Initiatives Launched by FM Arun Jaitley
On 25 September 2018, Finance Minister Arun Jaitley announced 3 major initiatives –
- Quick loans facility for the MSMEs (micro, small and medium enterprises) – MSME Business Loan Apply Online
- Financial Inclusion Index
- Jan Dhan Darshak app for geographical mapping of banking services.
The recently launched common web portal for MSME business loans will reduce the loan processing and turnaround time period from 20 to 25 days to just 59 minutes. After the in-principle approval, loans will be sanctioned within a time period of 7 to 8 days.
Required Documents For MSME Business Loan Apply Online
Make sure that, you must have ready the following required documents before online application.
- GST Identification Number (GSTIN), GST User-ID & Password
- Income Tax E Filing password & Date of Incorporation/ Birth OR ITR for latest 3 years in XML format
- Current A/c – Net Banking: Username & Password or Bank Statement for last 6 months in PDF format
- Director/Owners details: Basic, Personal, Educational & Ownership Details in the Entity
- Convenience fee Rs 1000 + GST on In-Principle approval. No Hidden Charges.
MSME Business Loan in 59 Minutes – Apply Online
Here is the complete online registration process for registration and apply online for MSME business loans in just 59 minutes –
- Firstly, visit the official web portal i.e. psbloansin59minutes.com
- On the homepage, fill out the registration before applying online for MSME business loans.
- Enter the necessary details like name, e-mail ID and mobile phone number.
- After that, an OTP will be sent on the registered mobile number. Enter it and hit the “Proceed” button.
- Now, change your password, select your requirement as “Need Fund for Existing / New Business” to open the MSME business loans online application form.
- Here, you have to enter your details, select banking partners.
- After that, you will get approval for sanctioning of loans.
Note – All the existing members can make login in order to access their details from the next time by just entering their e-mail ID or mobile number.
After the submission of the loan application, this web portal will perform back-end checks before loan approval. This web portal is linked with the ministry of corporate affairs and credit information bureau for fraud and products checking before the sanctioning of the loans. For fast loans sanction/approval, you will have to submit your GST and Income Tax (IT) details along with bank statement.