MSMEs (micro, small and medium enterprises) are the backbone of the domestic economy and play a crucial role in employing a large sector of the population. Despite their contribution to the nation’s growth, MSMEs have a hard time raising business capital. Banks and NBFCs generally do not offer unsecured business loans readily to MSMEs.

Understanding this challenge, the Prime Minister of India announced a novel initiative, PSB loans in 59 minutes in November 2018. Under this scheme, MSMEs can quickly borrow business loans starting from Rs. 1 lakh to Rs. 5 crores. The highlight of this scheme is that the loan application and sanction takes just 59 minutes. Apart from MSME loans, the portal also offers loans for individuals like – personal loans, home loans and auto loans.

Here, in this guide, you can find all about this initiative – eligibility criteria, how to apply, loan benefits and more.

What is PSB Loans in 59 minutes?

Psbloansin59minutes.com is an online portal set up by an Act of Parliament under the Dept of Financial Services of the Government of India. Using this website, MSMEs and individuals can avail quick and hassle-free loans from 20+ public sector banks and other private banks and NBFCs.

Benefits of PSBloansin59minutes.com

  • The loan turnaround time is less than 59 minutes. The loan process from application to receiving the approval letter is completed in minutes, compared to days or weeks as done usually.

  • Loan amount disbursed within 7 – 8 days of loan sanction.

  • More than 25 public and private sector banks and NBFCs disburse loans via this portal.

  • The platform makes use of several Fintech solutions to digitize and automate the lending process, offering seamless and hassle-free loans to borrowers.

  • The complete loan application process is contact-less, meaning the borrower doesn’t have to visit a bank branch for approval.

  • The platform uses data from various sources like bank statements, GST returns, IT returns, etc. to determine the creditworthiness of a borrower.

Key Features of PSBloansin59minutes.com

  • Simple to understand and easy to use

  • Apply for loans from anywhere, anytime

  • Real-time processing and quick loan approvals (within minutes)

  • Minimal documentation

  • Hassle-free user experience

  • Get your loan eligibility checked using the latest Fintech tools

  • No human interference

Partner Banks for PSBLoansin59minutes.com

 SIDBI  SBI  Bank of Baroda  Punjab National Bank   Indian Bank  Allahabad Bank
 Andhra Bank   Bank of India  Bank of Maharashtra  Canara Bank  Central Bank of India  Corporation Bank
 IDBI Bank  Indian Overseas Bank   Oriental Bank of Commerce   Punjab & Sind Bank  Syndicate Bank  UCO Bank
 Union Bank  United Bank of India  Kotak Mahindra Bank  IDFC First Bank  Saraswat Co-operative Bank Ltd   EFL

Type of Loans offered by PSBloansin59minutes.com

The portal offers the following categories of loans to meet the needs of different types of customers:

 Loan Type  Who is it for?  Minimum Loan Amount   Maximum Loan Amount 
 Business Loan which is further classified as:
Term loans
Working capital loans		  Micro, small and medium enterprises, entrepreneurs, startup owners   Rs. 1 lakh  Rs. 5 crores
 Home Loans  Individuals  Not applicable  Rs. 10 crores
 Personal Loans  Individuals  Not applicable  Rs. 15 lakhs
 Auto Loans  Individuals  Not applicable  Rs. 1 crore

Let’s take a closer look at each category of loan from PSB loans in 59 minutes. 

Business Loans from PSBloansin59minutes.com 

The platform offers easy and quick business loans to help businesses grow and meet urgent financial needs. You can avail business loans for various business-related activities like:

  • Business expansion

  • Purchase of machinery and plant equipment

  • To meet working capital needs

  • For technology upgrades

  • For infrastructure development

  • To purchase raw materials or stock inventory 

  • To scale operations

  • Business services expansion

  • And so on

How to apply? 

The application process is simple and is handled completely online. The steps to be followed include:

  • Visit the website psbloansin59minutes.com

  • Choose “apply for business loans.” 

  • Enter GST identification number of your business

  • Upload your latest income tax returns in XML format

  • Upload your bank statement for the last six months in PDF format

  • Enter details of your business like – owner name, educational qualifications, type of business – proprietorship, partnership, LLC, etc. 

  • Receive in-principle loan approval within 59 minutes

Eligibility and Documentation Required for Business Loans

  • The business must be GST registered. 

    • If single registration, then you have to provide the unique GSTIN (GST Identification Number)

    • If multiple registrations, then you have to provide the GSTIN of all registrations

  • Latest ITR returns of the business 

  • Business bank statements for the last six months 

You may have to provide other business documentation if required by the lender. 

Home Loans from PSBloansin59minutes.com

The platform offers quick home loans for individuals to meet the financial need for purchasing a new home or renovating an existing property. You can avail home loans for various needs like:

  • To purchase a new or old home

  • To purchase a home that is under construction

  • For constructing a home

  • For expanding or renovating an existing house

How to apply? 

The application process is simple and is handled completely online. The steps to be followed include:

  • Visit the website psbloansin59minutes.com

  • Choose “apply for home loans.” 

  • Upload your latest income tax returns in XML format

  • Upload your bank statement for the last six months in PDF format

  • Enter personal details like – borrower name, employment details, income, age, etc.  

  • Specify the loan amount required and the purpose

  • Receive in-principle loan approval within 59 minutes

Eligibility and Documentation Required for Home Loans

For Salaried Individuals

  • The borrower must provide e-statements of their salary bank account 

  • The borrower must submit ITR 1 or 2 returns, as applicable 

For self-employed individuals, professionals and businessmen

  • The borrower must provide e-statements of their savings bank account 

  • The borrower must submit ITR 3 or 4 returns, as applicable 

*Note that ITR 1, 2 and 4 must be in PDF format and ITR 3 in XML format. You may have to provide other documentation if required by the lender. 

Auto Loans from PSBloansin59minutes.com 

Get auto loan in-principal approvals right from the comforts of your home or office, without visiting a bank. Options under auto loans include:

  • New 4-wheeler loan

  • New 2-wheeler loan

  • Loan for pre-owned 4-wheelers and used 2-wheelers

  • Loans for electric bikes and cars

How to apply?

The application process is similar to the home loan application. Make sure to refer the previous section for detailed step-by-step application guidance. 

Eligibility and Documentation Required for Auto Loans

Refer to the home loan section, as eligibility and documentation are similar. 

Personal Loans from PSBloansin59minutes.com

Personal loans help you meet emergency financial requirements. You can avail a personal loan for any of the following planned or unplanned finance needs:

  • Home renovation

  • Medical emergencies

  • Vacation

  • Marriage

  • Jewellery purchase

  • Debt consolidation

  • Children’s education and so on

How to apply? 

The application process is simple and is handled completely online. The steps to be followed include:

  • Visit the website psbloansin59minutes.com

  • Choose “apply for personal loans.” 

  • Upload your latest income tax returns in XML format

  • Upload your bank statement for the last six months in PDF format

  • Enter personal details like – borrower name, employment details, income, age, etc.  

  • Specify the loan amount required and the purpose

  • Receive in-principle loan approval within 59 minutes

Eligibility for Personal Loans

  • Salaried individuals aged between 20 and 70 years 

  • Must be an Indian citizen

Documentation Required for Personal Loans

  • The borrower must submit the latest ITR 1 or 2 returns, as applicable 

  • The borrower must provide e-statements of their savings bank account for the last six months

  • KYC documents of the borrower

  • Details about the loan amount and usage 

Factors that impact Loan Approval Process and the Interest Rates

The loan eligibility and interest rates depend on the following factors:

  • Income or revenue generated by the business or individual. 

  • Repayment capacity or creditworthiness of the borrower. This is determined using various financial data like bank statements, GST returns, previous borrowing history, etc. 

  • Existing credit facilities. If the borrower has a high percentage of outstanding debt, then the chances are that the loan application is likely to get rejected. 

  • Other factors as determined by individual lenders.

Other Factors to Keep in Mind while Applying for Loans from PSBloansin59minutes.com

  • Borrowers do not have to submit any collateral for all three types of loans. 

  • Once you provide all the details – borrower name, personal details, loan amount and type of loan, the portal provides you with the list of lenders who are ready to offer you a loan. This list varies from one borrower to another. The portal matches you with the right lender using several Fintech tools and data analysis algorithms. 

  • The borrower can choose his/her preferred lender and go ahead with the loan application. 

  • Once the lender approves, the loan amount is disbursed within 7 – 8 working days. 

  • For any queries, you can reach out to the toll-free number 1800 103 7491. 

End Note

If you’re looking for a hassle-free loan facility then PSBloansin59minutes.com is an excellent choice. You can quickly avail the loan, provided you meet the eligibility criteria and provide the required documentation. Make sure to check CreditMantri to check your credit score for free and see if you qualify for these loans.