How to get Rs 1 crore MSME loan in 59 minutes. A step-by-step guide
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Prime Minister Narendra Modi launched a new portal that will help micro, small and medium enterprises (MSME) sector to avail MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs). Small enterprises registered under the goods and services tax(GST) will also get a 2 percent tax rebate on incremental loans of up to Rs 1 crore.
PS Loan in 59 minutes is only portal in MSME sector which integrates advanced fintech to ensure smooth loan approval. The loans are undertaken without human interference till disbursement stage. The portal uses refined algorithms to read and analyze data provided by the user such as IT returns, GST data, bank statements, MCA21 etc. in less than 59 minutes, it also captures the applicant’s basic details using AI.
MSME loan Highlights:
An MSME can avail business loan between Rs 1 Lakh to Rs 1 Crore
The rate of interest (RoI) starts from 8%.
Once approved the application, the loan amount will be disbursed in 7 to 8 working days.
No mandatory requirement for security as the portal is directly connected to the Credit Guarantee Fund Trust for Micro and Small Enterprises scheme.
GST Details: GST Details: GST Identification Number (GSTIN) along with username and password
Income Tax Return: latest 3 years income tax returns. Income tax codes and e-filing details are also required.
Bank Statement: 6 months bank Statements (Bank Statements for Maximum 3 Bank Accounts)
Promoters Detail: Details of Directors/Partners/Proprietor
e-KYC Paper: A digitized signed version needs to be uploaded.
10 Quick Steps for Registration
Step 1: Log to PS Loan in 59 minutes Portal & Enter name, email address and a mobile number to generate the OTP.
Step 2: Answer four simple questions.
Step 3: Enter GST Details
Step 4: Provide tax info
Upload your tax returns in XML format or login with your tax credentials such as your PAN and date of incorporation.
Step 5: Enter bank account info
Upload your bank statements or log in with net banking.
Step 6: Enter company directors / Promoters information.
Step 7: Enter loan info such as business details, loan purpose, any existing loan etc.
Step 8: Choose the bank from where you want a loan.
Step 9: Pay a convenience fee of Rs 1,000 + GST.
Step 10: Download the letter of approval