What are the documents required to Apply 59 Minutes MSME Loan in Online
The Union government on Wednesday launched a new initiative to transform the MSME credit space. The government has launched a website where an MSME can get principal approvals for loans up to Rs 1 crore within 59 minutes from SIDBI and five Public Sector Bans (PSB). Through the platform, an MSME borrower can get loan up to Rs 2 crore without any collateral, an official statement said today.
The website – www.psbloansin59minutes.com – is a “strategic” initiative of SIBDI-led PSB consortium incubated under the aegis of Department of Financial Services (DFS), Ministry of Finance. The portal will reduce the turnaround time from 20-25 days to 59 minutes. Subsequent to the principle approval, the loan will be disbursed in 7-8 working days, a Ministry of Finance release said.
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.
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Are there any eligibility criteria for the borrowers?
For Existing Businesses: Borrower should be GST, IT compliant and must have Six Months Bank Statement.
Please note that, your loan eligibility is determined by your:
What are the documents will i need to submit ?
Existing Businesses :
What if i do not file/have GST/Income Tax Return/Bank Details ?
you will not be able to complete the Application process
Do i have to make any payment for receiving the In-Principle approval ?
For registration purpose, the borrower doesn’t need to make any payment. Any borrower whose proposal matches with the products of lenders and wants to receive an In-Principle approval will be required to make a nominal payment of Rs. 1,000 + Applicable Taxes.
Is the In-principle approval a surety of loan sanction ?
The In-Principle approval is given based on the data provided by the borrower. After offering In-Principle Approval, the preferred lender (as selected by borrower) will conduct a thorough due diligence and decide on whether to Sanction/Disburse the Proposal. The final decision will be at the lender’s (Bank) discretion.
Do i need to provide collateral to avail loan?
Collateral is a security in form of asset offered by the borrower to a lender for securing a loan. In case of default from the borrower in repayment of the loan, the collateral can be used to recover losses. Even if the borrower does not have collateral security, he/she can avail business loan through www.psbloansin59minutes.com under CGTMSE scheme.
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