Get loans of up to Rs 1 crore in 59 minutes for micro, announced by PM Narendra Modi, small and medium enterprises (MSMEs). This is Diwali gift from PM Modi’s side to the micro, small and medium enterprises (MSME) sector avail upto Rs 1 crore loan in 59 minutes.
Rs 1 crore loan in 59 minutes only through a new portal. Minimum loan amount is 10 lac and maximum loan amount is Rs. 1 crore. Registered firms for GST can avail a 2% interest subvention, or rebate, on incremental loan of up to Rs 1 crore. Interest subvention on preand post-shipment credit for exports by MSMEs has been raised to 5% from 3%.
Loan of 1 Crore in 59 Minutes MSMEs
|Loan Amount||Min. Rs 10 lac to Max. 1 crore|
|Interest Rates||8% onwards|
|Disbursal Time||7-8 working days|
|Eligibility Criteria||Micro, Small and Medium Enterprises (MSMEs)|
|Other Charges||Rs 1,000 + taxes (if applicant’s proposal matches)|
Documents for Rs. 1 crore loan in 59 minutes
List of documents required for Rs. 1 crore loan in 59 minutes. Required documents are listed below.
- Submit your 6 month bank statement in PDF format.
- Upload e-KYC paper.
- 3 year of ITR is required in XML format, codes & e-filing details are also needed.
- Provide GST ID username and password.
- Applicant will be required to furnish ownership papers of their ventures.
- Applicant need to provide personal and educational details.
Easy steps to get approval of loan upto 1 crore in 59 Min.
The portal is set up by the Small Industries Development Bank of India (Sidbi).
- Go on official website – www.psbloansin59minutes.com.
- Fill information – your name, mail-ID, address & mobile number.
- Enter the OTP sent on your mobile number
- Provide answer of questions & click on Proceed.
- Fill GST details – username & password.
- Fill you tax details – upload your documents or login with IRT.
- Fill your bank details.
- Company information – address, property ownership details.
- Fill your loan details.
- Select Bank from list, you want to start your loan.
- Pay one time charge.
- After payment, if approved then download approval letter.