PSB Loans In 59 Minutes: Loans of more than 60,000 crore have been distributed so far, know what is the plan


PSB Loans In 59 Minutes: For small businessmen who lack money in business, there is no financial hindrance in the expansion of business, for this, the central government has introduced ‘PSB Loans in 59 Minutes’ to provide loans in less than an hour. The plan was started. This scheme is getting great response from the people. So far more than 60,000 crore loans have been disbursed under this scheme.

According to, so far loans worth more than Rs 60,000 crore have been disbursed under this system. In November 2018, the Modi government started the loan facility for MSMEs in 59 minutes. This facility was named ‘PSB Loans in 59 Minutes’. Under this, a loan of up to Rs 5 crore for MSME is passed within just 1 hour and the loan money is transferred to the account within 8 days. In this facility, the contactless business loan limit is from Rs 1 lakh to Rs 5 crore. The interest rate on this starts from 8.5 percent.

PSB Loans in 59 Minutes is an online marketplace that allows customers to apply for business loans. This facility has been started to apply for loan sitting at home to avoid long queues of banks.

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The scheme aims to approve business loan in 59 minutes. After getting the instant approval, the loan is transferred within 8 days.

at least documents

In this facility, any businessman can apply for a loan by doing very little paperwork. In this, to apply for the loan, the GST number of the businessman, income tax return details, bank statement, information of the businessman have to be given. On the basis of these documents, the loan is approved in just 59 minutes.

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‘PSB Loans in 59 Minutes’ scheme has been launched to provide loans in less time.(Image-

The best thing about this scheme is that under this, any businessman can apply for a loan from anywhere.

how to apply

First of all go to the official website of PSB

And click on registration.

Enter your name, email address, mobile number and click on ‘Get OTP’.

Mobile number OTP will come, enter it.

Click on Agree to the terms and conditions below in the box.

After entering all the columns click on ‘Proceed’.

Create a password for your account.

Now login by entering your name and password.

Select your profile as ‘Business’ for Business or MSME Loan.

Create your profile, enter your business PAN card.

File PDF of GST details, tax returns and bank details for 6 months.

Enter ‘OTP’ to verify your email address.

Select the bank and branch from which you want to take the loan.

You will get in-principle approval from the bank.

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PSB Loans In 59 Minutes has more than 21 bank partners. Various types of business loans are given in this scheme. The limit of MSME loan is from 10 lakh to 5 crore rupees. Mudra loan up to Rs 10 lakh is given. Here you can also apply for home loan up to 10 crores. One can also apply for personal loan up to Rs 20 lakh and auto loan up to Rs 1 crore.

Tags: bank loan, business loan, business news, MSME Sector


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