MSME‘s Can get Loan in 59 minutes, under 59 minutes Loan Scheme.

The present Prime Minister had started the 59 minutes loan from November 2, 2018, with the aim of resolving the finance related problems of the MSME sector of the country and providing them easy loans. That is to say that this is not a new scheme or program, but it is a scheme that has been going on for the last two years.

Under which the needy entrepreneurs associated with micro, small and medium enterprises can get loans from Public Sector Banks (PSBs) in a very short time to increase their business. But even today we see that most of the entrepreneurs associated with MSME sector do not have much information about 59 Minutes Loan.

So whenever they come up with the idea of ​​expanding their business, the lack or absence of finances forces them to take any further steps. All this happens because they are not aware of the many schemes run by the government for the MSME sector, or even if they have information, they are half incomplete.

Keeping this in mind, today we are trying to give complete information about 59 Minutes Loan through this article. So that more and more entrepreneurs of the country can take advantage of this portal to get loans as soon as possible, and by expanding their business and creating employment in the country, they also help in strengthening the country’s economy.

What is 59 Minutes Loan?

It is probably not hidden from anyone that at present getting loan from bank or other financial institutions is not an easy task in India. That is to say, even if you are eligible to take a loan, banks or other financial institutions take days to months to approve the loan. To reduce this time, 59 Minutes Loan has been started.

As the name suggests, a provision has been made to approve the loan within one hour i.e. 59 minutes after applying under this program. The point to be noted here is that it is not necessary that all the people who will apply for this type of loan, their application will be accepted within 59 minutes, there may be some deficiency in their documents etc. Due to which the bank or the lender i.e. the lender can take some more time and can also reject the application.

It is meant to say that an attempt has been made by banks to reduce the time taken to process the loan application and the seven working days to be taken to provide the loan even after the approval under 59 Minutes Loan. As far as the interest on the loan is concerned, the rate of interest through this portal is also going to be above 9%.

Because the rate of interest is to be determined by the issuing bank or financial institution itself. But its main objective is to save the entrepreneurs associated with MSME sector from standing in line to take loans, and to provide loan approval in 59 minutes. Such entrepreneurs can apply for loans ranging from 1 lakh to 5 crores sitting at home.

Eligibility Criteria for 59 minutes Loan:

We all are well aware that banks or other financial institutions also show interest in giving loans to the same person or company from whom they are more likely to get their money back. That is to say, no bank or financial institution wants its money to get stuck in any person or company who is unable to repay the loan installments.

The eligibility criteria for providing loans are set by each bank and financial institution to reduce the chances of losing money. 59 Minutes Loan will also be provided to those who will be eligible for it, whether someone is eligible for this loan or not will depend on these following points.

•  Income and income of the entrepreneur’s enterprise.
• The borrower’s ability to repay the loan.
• Existing credit facilities with the entrepreneur.
• Other factors determined by the financing bank or financial institution.

Features and Benefits of 59 Minutes Loan

Following are some of the key features and benefits of 59 Minutes Loan provided by Public Sector Banks.

• Under Business Loan, there is a provision to provide loans ranging from one lakh to five crore rupees to entrepreneurs through the portal. That is, such entrepreneurs who need Rs 1 lakh to Rs 5 crore to expand their business. They can apply for loan through this portal.
• Although the rate of interest on the loan given will be decided by the financial institution providing the finance, but here the rate of interest starts from 8.5% yearly.
• As we have already told that under this program there is a provision to approve or reject the loan within 59 minutes. So the entrepreneur does not have to wait for months for the loan.
• Any entrepreneur can apply for 59 Minutes Loan from anywhere, because it can also be easily applied online through the official portal.
• Entrepreneur does not need to stand in line in the bank and also does not require many documents.
• Advanced technology has been used in this loan from the time of application to the stage of loan approval, disbursement, in which human intervention has been kept to a minimum.
• The portal designed to provide such loans gives applicants the freedom to apply for the loan in a convenient process. Because the interested entrepreneur or applicant can apply for loan from multiple public sector banks through the same platform.
• The official portal secures the information provided by the loan applicants by using the highest level of security tools for the same. Hence it is completely safe and secure to apply for a loan through this portal.
• 59 minutes loan is integrated with the latest features like various government services like income tax return, GST, bank details.

Required Documents to Apply 59 Minutes Loan:

However, the list of required documents may vary depending on the institution providing the finance. But there are some major documents that are asked by banks or financial institutions while applying for loans for small scale industries, their list is as follows.

• GST details like GST identification number and GST username.
• Income tax details of three years income tax return in XML format.
• Bank Statement for the last six months in PDF format.
• Required loan details.
• Registration details of the unit like proprietorship/partnership etc.
• E-KYC documents of the loan applicant.
• PAN card of business or entrepreneur.

How to apply for 59 Minutes Loan.

Applying for 59 Minutes Loan is a very easy task at present, for this the entrepreneur first has to register himself on its official portal. And then apply for the loan by logging into the portal using your User ID and Password.

The point to be noted here is that after the completion of the application, in 59 minutes, the application is either accepted or rejected. If the loan application is approved, then the loan is provided within 7-8 days of its approval.

How to register in the portal

• First of all go to its official portal and click on Register given on the top right side.
• On clicking Register, a small form will open, fill your full name, email address, mobile number and click on Send OTP.
• A 6 Digit OTP will have come on your mobile, fill that OTP there and click on I Agree box and click on Proceed.
• And then create a password to login to this portal in future. The process of sign up or registration is completed here.

how to apply for loan

1. To apply 59 Minutes Loan, first of all the entrepreneur has to log in through his login ID and password.
2. After that the entrepreneur has to select his profile as Business and click on Proceed to apply for business loan.
3. Create your profile and click on proceed by entering the PAN number of your business.
4. After that fill the details of GST details, tax return and bank statement etc.
5. After that upload the required documents and click on proceed.
6. It may require uploading of bank statement and income tax return documents separately.
7. After that complete details of your business and if any existing loan is going on then its details have to be filled.
8. OTP verification may be required to verify your email ID.
9. After that the entrepreneur has to select the public sector bank from which the public sector bank is willing to take the loan and its branch. After that the entrepreneur can get the principal approval from the bank.

After completing all these procedures, the entrepreneur completes the application process for 59 Minutes Loan, after that the bank has to settle this application within 59 minutes. Since there is no human intervention in it, it is more likely to be completed on time.

When the loan is approved within 59 minutes and the principal approval amount is paid by the applicant, the entrepreneur can get the loan after 7-8 days. But even after paying these principal amounts, it is not sure whether the loan will be granted as the final decision is left to the lender itself.

Want a personal loan from Aadhar card. Read Stroy

You can also apply for Personal Loan under various PNB Schemes.

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