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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 released.
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:
An Existing business wishing to make an application on the www.psbloansin59minutes.com, requires the following:
Majority stake of SIDBI & big 5 PSBs- SBI, Bank of Baroda, PNB, Vijaya and Indian Bank.
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.
Through the web portal www.psbloansin59minutes.com, a borrower can get in-principle approval in just 59 minutes from anywhere at any time. Post in-principle approval, the time taken for loan disbursement depends on the information and documentation provided by you on the portal and banks. The more accurate the data, the sooner you will get disbursal. Generally, post in-principle approval, the loan is expected to be sanction/disbursed in 7-8 working days.
Your application might get rejected due to one or more of below mentioned reasons:
Even if the borrower does not have collateral security, he/she can avail business loan through www.psbloansin59minutes.com under CGTMSE scheme.
The platform requires submission of borrower’s data and runs analysis on the same in real time basis. The details are matched with Various Criteria set by all Lending Banks on the Platform. Borrower will be shown a List of Banks with whom the Application got matched with and from those Banks the Borrower can select his/ her preferred lender.