How to Get Up to 1 Crore MSME Loan
Now you can get up to 1 crore MSME loan in 59 minutes. The union finance minister Arun Jaitley on 26th September of 2018 launches a web portal which offers fast-track loans up to 1 core MSME loan within 59 minutes. These MSME loans ( Micro, Small, Medium Enterprises) are mean to encourage the entrepreneurs in India as in part of Startup India.
This web portal has been started by Small Industries Development Bank of India along with State Bank of India, Punjab National Bank, Bank of Baroda, Indian Bank and Vijaya Bank. Many more lenders yet to join with this platform. With this platform, you can get a loan in 59minutes and loan amount disbursed to bank account within 6-8days. Right now only existing Business owners are getting approved from this portal. New business owners section is still in construction. Hope within a few days they will start acceptance of new business owners.
MSME Web- Portal – https://www.psbloansin59minutes.com
Requirements to Apply for MSME Loans on web Portal:
- GST Identification Number (GSTIN), GST User-ID & Password
- Income Tax E Filing password & Date
of Incorporation/ Birth OR ITR for latest 3 years in XML format
- Current A/c – Net Banking: Username & Password or
Bank Statement for last 6 months in PDF format
- Director/Owners details: Basic, Personal, Educational & Ownership Details in the Entity
- Convenience fee Rs 1000 + GST on In-Principle approval. No Hidden Charges.
Keeping above documents in digital form makes easy to apply for the loan in MSME loan portal. All these loans are purely accepted through online and not need to visit any bank. They have been using AI and Data analytics strong Algorithms to process the data. The portal has been integrated with Credit Guarantee Fund Trust for Micro and Small Enterprises for checking the eligibility of Borrowers.