59 Min Loan Yojana .mudra.org.in is a simple online platform for self-employed professionals and small businesses to apply for loans. Started by SIDBI, it offers a competitive interest rate of 8.50% per annum. You can get loan approvals from Rs. 10 Lakh to Rs. 5 Crore in less than 59 minutes. The platform partners with various banks and financial institutions, making it quick and convenient for users.
Using technology to its advantage, PSBloansin59minutes.com ensures an easy application process, providing entrepreneurs with a hassle-free way to access funds for their business needs – whether it’s for expanding, buying assets, or covering working capital.
59 Min Loan Yojana 2024
The government and SIDBI’s 59-minute loan approval scheme for MSMEs – PSB Loans in 59 Minutes – has approved 5,314 loans in the current financial year till March 1, 2023, an analysis of official data showed. Banks sanctioned 2,45,065 loans worth Rs 83,938 crore under the scheme till March 1, which is only 2.2 per cent more than 2,39,751 loans worth Rs 81,141 crore sanctioned till April 1 in the current financial year, data from the MSME ministry’s dashboard showed.
In terms of disbursement, the scheme disbursed 4,089 loans with 2,26,778 loans worth Rs 67,847 crore, an increase of 1.83 per cent in loans disbursed till the beginning of March this year, while 2,22,689 loans worth Rs 65,834 crore were disbursed.
59 Min Loan Yojana 2024 Overview
Name of article
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59 Min Loan Yojana Apply Online |
name of the scheme
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59 Min Loan Yojana |
Loan Type
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Business |
age for taking loan
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Above 24 yrs |
Documents required to take PSB Loan
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Income tax return details. bank Statements. personal details. loan details. digital approval. |
How much CPSB loan can I get?
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from 1 lakhs to 5 crore |
Official Website (WEB Portal)
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click here |
What is 59 Minutes Loan Yojana?
To provide financial loans to small businessmen, the Modi government had launched the 59 Min Loan Yojana for MSMEs in November 2018. It is also known as ‘PSB Loans in 59 Minutes’ or (Small Business Loan Scheme). The government has launched this portal especially for those who want to expand their existing business.
59 Min Loan Yojana 2024 How To Register Online ?
The 59 Min Loan Yojana is initiative is a key part of the government’s efforts to boost employment. It offers quick access to loans, allowing businesses to secure amounts up to Rs 5 crore in just 59 minutes. This user-friendly scheme collaborates with over 21 banks in India, ensuring a smooth application process. Once approved, the loan amount is usually transferred directly to the applicant’s bank within 7 to 8 days.
The primary goal of this government initiative is to provide financial support to small, medium, and new businesses, contributing to economic growth. This article covers essential information about the PSB Loan in 59 Minutes, including what it is, how to apply for an MSME loan in 59 minutes, and the registration process.
By exploring these details, entrepreneurs can navigate the application process with ease and take advantage of this quick and accessible government-backed financial assistance program.
How to Register for 59 min Loan Online?
Step1. First go to mudra.org.in
Step2. After this, register yourself by filling your name, email address, mobile number and click on ‘Get OTP’
Step3. Now enter the OTP received on the mobile number
Step4. Then click on the check box to agree to the terms and conditions given below.
Step5. After entering all the columns, click on ‘Proceed’
Step6. Now create a password for your account.
Step7. After this, wait till the loan is approved, as soon as the loan is approved, you will get the loan amount in your bank account within 1 week.
Document Required For 59 Min Loan Yojana?
1. E-KYC Documents: Aadhar Card, PAN Card
2. GST Information: You have to provide GST Identification Number (GSTIN) and name of GST user.
3. Income tax information: Income tax return records of three years will have to be given in XML format.
4. Bank statement of last 6 months in PDF format: Loan applicant will have to upload bank statement of maximum three bank accounts on the portal.
5. Information of business owners/partners/directors.
Eligibility For Applying 59 Min Loan Yojana?
Under the 59 Min Loan Yojana program for MSMEs, applicants need to provide a six-month bank statement, giving a clear view of their financial track record. This requirement aims to help lenders understand the applicant’s financial history better. The program is inclusive, welcoming businesses, whether they are registered under Goods and Services Tax (GST) or not, ensuring accessibility for a wide range of enterprises.
When it comes to determining loan eligibility, several factors are considered. Firstly, the assessment of income and revenue provides insight into the financial stability and earning capacity of the business. Additionally, there’s a check on repayment capacity to ensure that applicants can comfortably meet their repayment obligations, encouraging responsible borrowing.
The evaluation also looks at existing credit facilities, considering the applicant’s credit history and financial commitments. Lenders may also consider additional factors as per their policies for a thorough assessment. This comprehensive approach gives a holistic view of the applicant’s financial standing, empowering businesses to make informed decisions and making the application process smoother.
Key Features of 59 Min Loan Yojana
- With a user-friendly design, you can effortlessly navigate through each step of the process with ease.
- Experience the efficiency of real-time processing, securing quick loan approvals within minutes. No more unnecessary delays – get access to the funds you need promptly.
- Forget about extensive paperwork hassles. Our process requires minimal documentation, simplifying the application journey for you.
- Enjoy a hassle-free user experience as you seamlessly move through our platform. Designed for clarity and simplicity, you can focus on securing the financial support you need without unnecessary complications.
- Utilize cutting-edge Fintech tools to swiftly check your loan eligibility. These advanced technologies provide instant feedback on your eligibility status, ensuring accuracy and speed in the assessment.
- Rest assured, our streamlined and automated process minimizes human involvement for a secure and efficient lending platform. Your application is processed smoothly and securely.
59 Min Loan Yojana FAQ
Q1 What is PSB Loan 59 Minutes?
ANS : PSB Loan in 59 Minutes is an online marketplace launched by the Government of India to allow MSMEs to get loan applications approved in 59 minutes. Therefore, to meet business needs, businessmen can apply for small business loans through PSB loans.
Q2: What are some of the main documents required for PSB loans in 59 minutes application?
ANS: Documentation: The government’s business loan scheme requires the submission of 6 months of bank statements, 3 years of income tax filings, GST details (including your password) and certificate of incorporation along with personal, educational and financial details of the owner/partners/directors.
Q3: Which bank is offering Mudra Loan?
ANS: Enterprises involved in agriculture related activities can also apply for Mudra loan. Bank of Baroda has provided Mudra loan (Shishu, Kishor and Tarun) under the Pradhan Mantri Mudra Yojana. Apply for Mudra Loan today and grow your business.
Q4: What should be the CIVIL score to take Mudra loan?However, most banks consider a CIBIL ANS: score of 750 and above as good, and it is considered as one of the criteria to be eligible for a loan. A higher credit score can also help you get a higher loan amount, that too at better interest rates and for the desired repayment tenure.
Q5: What to do if the bank is not giving loan?
ANS: If one bank refuses to give loan then talk to another bank. It is always beneficial to apply for loan in your bank branch. If your bank refuses to give the loan, then choose another bank. In many cases, rural banks and regional co-operative banks have less stringent conditions.