Every one of us have experienced that applying for a loan is a lengthy procedure where we need to submit documents, it has to undergo verification , several approvals, re-submitting documents , discussions, many visits then approval and later disbursement. Such a long process which takes time and we need to spend a lot of time in following up all the formalities to complete this. But now there is a way to approval for your business loans up to 5 crore in 59 minutes! Yes, that’s true in just 59 minutes!
The initiative was to automate the various processes to Loan Appraisal in such a way that you get an eligibility letter. In-principle Approval will happen in less than 60 minutes and you can select the Bank that you prefer to ease access to credit to smaller business and micro enterprises.
Business Loans are currently provided for Value from INR 1 Lacs up to INR 5 Cr. The Rate of Interest starts from 8% onwards.
The Platform is directly connected to CGTMSE scheme. With this platform, loan processing turnaround time has been reduced from 20-25 days to 59 minutes. Post receiving of In-Principle approval letter, the loan is expected to be disbursed in 7-8 working days.
The loans are processed automatically by the system without human intervention until sanction and/or disbursement stage. MSME borrower/Business owner is not required to submit any physical document for In-Principle approval.
Key Features of this platform:
This platform is fully compatible with existing banking processes.
The MSME /Business can apply for a business loan with multiple banks at one go.
It is equipped with the highest level of Information Security.
The user banks can create customized loan products as per their credit policy.
With GST, ITR, Bank Statement, Fraud Check, Bureau Check etc to ease credit decision making.
With CGTMSE integration, the MSME borrower might get a collateral free loan.
Documents that need to submit to make an application on www.psbloansin59minutes.com?
An Existing business wishing to make an application on the www.psbloansin59minutes.com, requires the following:
a. GST Details: GST Identification Number (GSTIN),GST User Name and OTP
b. Income Tax Details: Upload ITR in XML format
c. Bank Statement: Upload Bank Statements for last 6 months in PDF format (Borrower can upload Bank Statements for Maximum 3 Bank Accounts on the Portal. Please upload bank statements having Major Business Activities)
d. Details of Directors/Partners/Proprietor
e. Details related to Loan Required
Applying for a loan at www.psbloansin59minutes.com.is a simple process:
a. Click on above mentioned URL.
b. Register using Name, Mobile Number and Email Id
c. Post Registration, provide required details to avail business loan approval within 59 minutes.
1. Register yourself with Email Address & Mobile Number
2. Verify OTP
3. Set & Confirm New Password
4. Answer 3 questions
5. Provide GST Details
6. Upload ITR in XML format
7. Upload Bank Statement in PDF Format
8. Fill some basic information
9. Select 1 Bank Loan Offer
10. Select 1 Bank Branch for Processing of your loan
PSB Loans in 59 Minutes
301 Optionz Building, 3rd Floor Opp. Hotel Nest, Chimanlal Girdharlal Rd, Sardar Patel Nagar, Navrangpura, Ahmedabad, Gujarat 380009
email : firstname.lastname@example.org
Phone No :079-41055999
The above information is for information purpose only. Please refer to the mentioned website for actual and updated details.