MSME Registration is for Micro, Small and Medium Enterprises. Government has made various policies and scheme to upgrade these small scale industries and to promote good business practices within these industries.

Easy loan availability is one of the beneficial aspects of registering as an MSME in India. Want to know how to avail it? Follow below-given instructions carefully to get a MSME loan in 59 minutes after MSME Registration:

What is MSME loan in 59 Minutes?

MSME Loan in 59 Minutes was introduced on 2^nd November 2018 by the Indian Government for supporting Micro, Small and Medium Enterprises (MSME’s). Under this scheme, fast loans are provided to the MSME industries of up to Rs.1 crore in less than 1 hour. Here are some of the interesting features of this scheme:

• The scheme is specifically designed to provide loans up to Rs. One crore in fifty-nine minutes, i.e. less than an hour.
• Loans are provided to the applicants between the ranges of Rs. Ten lakhs to Rs. One crore with interest rates. The minimum interest rate is 8%.
• Under this scheme, the MSMEs can also apply for the loan under the Small Industries Development Bank of India (SIDBI).
• An applicant does not have to submit original documents as scanned copies of documents are uploaded on the provided website.
• The online portal is used for the completion of formalities pertaining to the loan application. So, you don’t have to go here and there for the loans.

Under which bank you can apply for MSME 59 minutes loan?

Following banks provide loan to the MSMEs under this scheme:

• Oriental Bank of Commerce (OBC).
• Bank of Maharashtra
• Punjab & Sind Bank
• Punjab national bank
• Bank of Boroda
•  UCO Bank
• Union Bank
• Allahabad Bank
• Indian Bank
• Andhra Bank
• Vijaya Bank
• United Bank of India.
• State Bank of India
• Canara Bank
• Corporation Bank
• IDBI Bank
• Indian Overseas Bank
•  Syndicate Bank

What are Documents required to get a loan?

Only a few documents are required to get a loan under this scheme. They are given as follows:

• Bank statement of the last six months
• Some details of the owners including their personal, educational and ownership details.
• Tax returns statement in XML format.
• GST number of the respective MSME.

What is the procedure for issuance of a loan under this scheme?

To apply for a loan you need to file an online application in a prescribed format as given below:

• Visit the website psbloasin59minutes.com and register.
• On the first page enter your correct name, phone number, email address and click on the option “Get OTP” to generate an OTP on the provided phone number and email address. Further, the page will be redirected to the password set up the page, fill in the OTP and password to move ahead.
• Click on the “Proceed” option, and you will see a new tab having 4 questions. Answer them and click on “Proceed” Option.
• Now you need to enter your GST details accurately and submit them.
• After submission, you will be asked to upload the ITR Documents in XML format or Log in with the user credentials and upload the required bank statements. Complete the step and click on the “Proceed” option.
• Enter the income-tax login password and move ahead to upload the six-month bank statement details by selecting the preferred bank along with the type of loan. Or you can simply prefer to login with the net banking details.
• Once you are done with the last step, now you have to provide the required details of the directors and press the “submit” option after doing it.
• Now fill in all the loan related requirements in the given blocks and select a bank from the proposed bank lists.
• Pay one-time application fees to get a principle letter on your registered mail Id.
• A confirmation popup will display on your desktop. Click on the download button to download the confirmed letter. A sample letter will be shown on your screen confirming the approval of the grant of the loan.