PSB Loans in 59 Minutes

PSB loans in 59 minutes was introduced by PM Narendra Modi on 2nd November 2018 as a small Diwali Gift for the Micro, Small, and Medium Enterprises (MSMEs) in India. The Government of India launched a quick business loan portal for those individuals who want to start a new business or expand their existing business. MSME owners can get a psbloansin59minutes loan of Rs. 1 Lakh to Rs. 5 Crores in just 59 minutes under this scheme from Public & Private Sector Banks (PSBs), and Non-Banking Financial Companies (NBFCs).

What is PSB Loans in 59 minutes?

PSB loan in 59 minutes is a digital marketplace that enables self-employed individuals to apply for instant business loans easily at an interest rate of just 8.50% onwards. This scheme was introduced to promote the ease of MSME Business and self-employed business model in India by decreasing the loan approval process and time. This loan aims at providing approval for business loans in 59 minutes rather than a long 30-day process. The loan can be disbursed in 7 to 8 working days once approved.

Features & Benefits PSB Loans in 59 minutes

  • Loan amount: You can avail a psb 59 minutes loan amount starting from Rs 1 Lakh to Rs 5 Crore under PSB Loans in 59 minutes to help small business owners meet any small or big business requirement easily.
  • Rate of interest: The PSB Loans in 59 minutes interest rate starts from as low as 8.50% per annum, which makes it easily affordable.
  • Minimal documentation requirement: The documentation requirement for PSB Loans in 59 minutes is minimal, making the process of a Small Business Loan for MSMEs instant and hassle-free.
  • Advanced technology backed loan: These loans are processed digitally without any human intervention till the sanction or disbursement. The analysis of the applicant’s financial profile is done from various sources.
  • Multiple banks: PSB Loans in 59 minutes are offered by more than 21 public & private sector banks and NBFCs.
  • Safe & secure process: The entire information of the applicants is utilized in a safe and secure manner with the highest level of security
  • Integration with government facilities: psb59 is integrated with the advanced government facilities like CGTMSE, Income Tax Return, Bank Statement, and GST, so it helps in ease of decision making of the loan application.
  • Multipurpose loan: PSP Loans in 59 minutes can be availed for various purposes including business expansion, purchasing plant & machinery, meeting working capital needs, infrastructure development, technology upgrade, purchasing raw materials, scaling operations, expansion of products & services, business diversification and so on.

PSB 59 minutes Loan Eligibility

Following are the psb 59 minutes loan eligibility criteria in detail:

  • Any existing business that wants to apply for PSB 59 term loan or working capital loan, should be IT compliant
  • Existing businesses must have bank statements of at least 6 months. 
  • The platform caters to business financial requirements of GST registered as well as non-GST registered businesses. 
  • If your business is not registered with GST, you can declare 12 months sales details manually.
  • The applicant’s loan eligibility is determined by their income/revenue, repayment capacity, existing credit facilities availed, and any other factors as set by lenders.
  • For existing businesses, the borrower should have Login ID of psbloasnin59minutes.com.

Documents Required for PSB Loans

Existing business owners can apply for PSB small business loan with the following documents:

  • Duly filled in and signed loan application form along with passport-sized photographs.
  • GST Identification Number (GSTIN) and GST User Name.
  • Latest Income Tax Return of 3 years for term loan and 1 year for working capital loan, in XML format.
  • Bank statement of last 6 months in PDF Format. The applicant can upload bank statements for a maximum of 3 bank accounts on the portal. 
  • Details of the loan required and Proprietorship/ Partners/ Directors.
  • E-KYC documents of the applicant.
  • Any other document as requested by the lender.

Steps to Register with PSB loans in 59 minutes

  • Visit the official website of PSB, i.e. psbloansin59minutes.com. 
  • Click on the register and register by entering your name, email address, and mobile number. 
  • Click on ‘Get OTP’ and enter the OTP received on your mobile number.
  • Agree to the Terms & Conditions mentioned in the checkbox.
  • Now click on the ‘Proceed’ button after entering all the columns.
  • Create a Password for your account for future reference.

Application Process for PSB Loans

  • Login in to your profile by entering the username and password.
  • After psbloansin59minutes bank login, select ‘Business’ as your profile for business/MSME loan and click on ‘Proceed’.
  • Now create your profile by entering your business PAN card and then click on ‘Proceed’.
  • Add GST details, Tax Returns (in XML format), and bank statements of the last 6 months (in PDF format).
  • Upload your ITR and add required details before clicking on ‘Proceed’.
  • Upload your bank details and then click on ‘Proceed’.
  • Enter details of your business and any existing loan (if any).
  • Enter ‘OTP’ in the given space to verify your email address.
  • Choose the desired bank and respective branch from where you want to take a PSB loan.
  • You will receive in-principle approval from the selected bank.

List of Banks participating in 59 minute PSB Loan Scheme

SBI msme loan in 59 minutesPSB loans in 59 minutes BoBPSB loans in 59 minutes PNB
Yes BankICICI BankCanara Bank
Indian Overseas BankUCO BankBank of India
psbloansin59minutes Union Bank of IndiaFederal BankIndian Bank
IndusInd BankIDFC First BankSIDBI loan in 59 minutes
Punjab & Sind BankIDBI BankBank of Maharashtra
Kotak Bankpsbloansin59minutes Central Bank of IndiaSaraswat Bank

Business Loan Offers

Get Kotak Mahindra Bank Business Loan up to Rs. 2 Crore online at interest rate starting from 16% p.a.

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PSB Loans in 59 Minutes FAQs

What is the maximum loan amount in PSB loans in 59 minutes?

You can get maximum Rs. 5 Crores as psb 59 minutes loan amount in PSB loans in 59 minutes.

What is the duration in PSBloansin59minutes for disbursement?

After in-principle approval, the duration for psb loan 59 minutes disbursement depends on the information as well as documentation provided by the applicant on the portal and banks. If the data is complete and accurate, you will get loan disbursal soon. Usually, after in-principle approval, the msme loan in 59 minutes can be sanctioned/disbursed within 7-8 working days.

How does the 59 minutes PSB loan work?

You will have to create your profile by entering your username and password. After creating profile and psb loans in 59 minutes bank login, you can apply for psb loans 59 minutes. The applicant has to enter their business PAN card, GST details, tax returns, bank statements for the last 6 months, bank details, and other information as required. Then they have to select the desired bank and respective branch where they wish to take a psb loan 59 minutes. The applicant gets in-principle approval from the desired bank after which the psb loans in 59 minutes will be disbursed within a few days.

How can I check the approval status of 59 minutes PSB loan?

After applying for the psb loans in 59 minutes, applicants can visit the official website of PSB and log in to the 59 minutes loan portal with their credentials to check the status of their loan approval. You can also visit the lending bank’s official website to check loan application status. Make sure you keep the loan application number or reference number handy.

What are the charges to be paid for availing 59 minute PSB loan?

For psb loans 59 minutes, applicants have to pay an interest rate which starts from 8.50% p.a. and a convenience fee of Rs. 1,000 plus GST. This fee is to be paid by those borrowers whose proposal matches with the products of lenders and who want to receive an in-principle approval.