What is 59 Minute Loan ?
59 Minute Loan is initiative by government in order to promote MSME businesses by providing them with loan assistance through online portal. For processing the loan in 59 minutes government has setup a market place known as https://www.helpurstartup.in which enables the business owner to apply for Small Business Loan with Loan Amount ranging from Rs 10 Lakh uptoRs 1 Crore in just 59 minutes.This initiative was taken to ease the MSME Business and promote self-employed business model in India by reducing the loan approval process and long queues at the bank. PSB Loans in 59 minutes aims at approving the business loan in 59 minutes thus reducing it significantly from a long 30 day process and expected to be disbursed in 7-8 working days, if approved.
Features and Benefits of 59 minute loan
- Loan Amount starting from Rs 10 Lakh to Rs 1 Crore: PSB Loans in 59 minutes helps in providing loan amount starting from Rs 10 Lakh to Rs 1 Crore to all the business individuals so any business requirement small or big can be met easily with the mentioned loan amount.
- Rate of Interest: The rate of interest for PSB Loans in 59 minutes starts from 8% onwards.
- Minimal Documentation: With PSB Loans in 59 minutes, the entire process of a Small Business Loan for MSMEs is expected to become super quick and hassle free that too with minimal documentation.
- Advanced Technology Backed Loans: PSB Loans in 59 minutes processes the loans without human intervention till the stage of sanction or the disbursement. The analysis process is done from the various sources of the loan applicant’s financial profile.
- Apply at Multiple Banks: PSB Loans in 59 minutes provides a convenient process for the loan applicants who can apply for a Small Business Loans at multiple times in one go.
- Safe and Secure: The platform understands the safety of the information given by the Loan Applicants. The entire data of the applicants is safe and secure with the highest level of security.
- CGTMSE Coverage: The platform understands the safety of the information given by the Loan Applicants. The entire data of 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 Income Tax Return, GST, Bank statement so it helps in decision making of the loan application.
Documents required for 59 minute loan
Loan Applicant with existing business can apply for small business loan with the following documents:
- The details of GST: GST Identification Number (GSTIN), GST User Name and OTP
- Details of Income Tax: Latest 3 year ITR in the format of XML
- Last 6 months Bank Statement in PDF Format: The Loan Applicant can upload Bank Statement for maximum three bank accounts on the portal. It is preferable to upload the Bank Statement having the major bank activities
- Details of the Loan Required
- Details of Proprietorship/ Partners/ Directors
- E-KYC Documents of the Loan Applicant
Frequently Asked Questions
Rate of Interest is offered 8% onwards.
Yes GST registration is mandatory to apply for 59minutes loan.
For 59 minutes loan no collateral is required.
For 59 minutes loan amount ranges from 10 lakhs to 1 crores.
Person already having loan from Banks cannot apply for 59 minutes loan.
After filling application at online portal; it takes around 7-8 days for disbursement of loan.