How to get PSB loans in 59 minutes?

Posted by Himanshu Kataria on February 15th, 2021

It can be easy to get PSB business loan approval in 59 minutes from anywhere and anytime without visiting a bank branch. It can be easy for entrepreneurs to think of any business idea, from where the need for funds arises. Moreover, as the business grows, there is an inevitable need for financial assistance to give the business complete financial support. However, a business loan is a financial instrument, where funds are utilized exclusively for business purposes. 

What are PSB Loans in 59 minutes? 

PSB Loans in 59 Minutes is one of the online marketplaces, which enables business individuals to apply for a Business Loan at an attractive interest rate of 8.50% onwards. This initiative was taken to ease the MSME Business and promote self-employed businesses in India by reducing the loan approval process. PSB Loans in 59 minutes involves approving the business loan by reducing 30 days process and is expected to be disbursed in 7-8 working days if approved. 

Eligibility criteria of PSB Loan in 59 minutes 

For existing business users, there should have a login ID of psbloanin59minutes.com, IT compliant, GST, and should have at least 6 month’s bank statement. Listed below are the eligibility check of PSB Business loan before applying for it: 

• Repayment capacity of the borrower

• Income revenue 

• Existing credit facilities. 

• Other factors set by the Financial Lender

Features and benefits of PSB Loans in 59 minutes 

• Loan amount: PSB offers the loan amount of Rs. 1 lakh up to Rs. 5 crores to all the business individuals so, any business is required small or big with the mentioned loan amount. 

• Rate of interest: PSB offers the loan for the interest rate starts from 8.50% p.a. onwards. 

• Minimal documentation: With PSB Loans in 59 minutes, the entire process of small business loans for MSMEs is quick and hassle-free with minimal documentation also.

• Safe and secure: This platform understands the safety of the information given by the loan applicants. The data used by the applicants is safe and secure with the highest level of security. 

• Integration with Govt. facilities: PSB Loans in 59 minutes is integrated with the latest facilities like ITR, bank statement, and more to help in the decision making of the loan application. 

• Apply at multiple banks: PSB Loans in 59 minutes provides a convenient process for borrowers who can apply for a small business loan multiple times at one time. 

Documents required for PSB Loans in 59 minutes 

Here are some essential documents required to apply for PSB Loans in 59 minutes. The loan applicant with existing business can apply for small business loan documents listed below: 

• Details of GST: GST Identification Number (GSTIN) and GST User Name

• Details of Income Tax: It should be the latest 3 years ITR. 

• Last 6 months’ Bank Statement: The borrowers can upload bank statements for a maximum of 3 bank accounts on the portal. It is preferable to upload the bank statement for loan approval.

• Details of the Loan Required 

• Details of Proprietorship/ Partners/ Directors

• E-KYC Documents of the borrowers.

What are the steps to register with PSB Loans in 59 minutes? 

• First, visit PSB official website at psbloansin59 minutes.com and click on the register button. 

• Register the form by filling name, email address, mobile number, and click on the ‘Get OTP’ option. 

• Enter the OTP received on the mobile number. 

• Agree to the terms and conditions mentioned below in the checkbox.

• Click on ‘Proceed’ after entering all the columns of the application. 

• Create a password for the bank account for future reference. 

Steps to apply for MSME business loans from PSB in 59 minutes?

• Step 1: First, login into your profile by entering your user name and password

• Step 2: Then, select your profile as ‘Business’ for business or MSME loan and then, click on ‘Proceed’. 

• Step 3: Now, create your profile, enter your business PAN card and click on ‘Proceed’. 

• Step 4: Further, add GST details, Tax returns, and bank statements for the last 6 months in the bank representative. 

• Step 5: Then, upload your ITR, add required details and click on ‘Proceed’

• Step 6: Now, upload your bank details and click on the ‘Proceed’ button. 

• Step 7: Now, mention your business details and any existing loan details as requested while the loan approval process. 

• Step 8: Then, enter OTP to verify your email address.

• Step 9: Select the desired bank and respective bank branch that you wish to take a PSB loan.

• Step 10: You shall receive in-principle approval from the desired bank, you apply for a loan.

Conclusion: 

With the help of the above information, you can apply for PSB Loan in 59 minutes. In this case, you can choose the loan amount, documents required, and other steps to Apply for a Business Loan. In such a case, you can easily apply for a loan while visiting the official site. 

Read More: 
1. What is Bank of Baroda Personal Loan?