Additionally, it offers several loan packages for the help of the enterprises. For the individuals who are interested in avail this business loan, a new website has been launched for the ease of registration of the application for availing the benefits of the loan. It is further said that the completion of the application procedure will take 59 minutes.
Small and Medium Enterprises (MSME) sector.
PM Narendra Modi has launched historic Support and Outreach Programme for micro, small and medium enterprises (MSME) sector. This Samveg scheme will give momentum to celebrate the role of MSMEs in the development of the nation as MSME sector is a nursery of entrepreneurship driven by an individual’s creativity and innovation. As a part of this programme, PM has announced 12 key initiatives to foster the growth, expansion and facilitation of MSMEs across the country.
MSME Support and Outreach Initiative has 5 key aspects to facilitate the MSME sector. These aspects includes access to credit, access to market, technology upgradation, ease of doing business and sense of security for employees. The 12 announcements by PM Modi will address these 5 categories and is a Diwali gift to the MSME sector.
MSME is one of the principal sectors to generates employment opportunities in India by benefiting small scale industries. In the recently published “Ease of Doing Business” rankings, the rank of India has come down from 142 to 77 in the past 4 years due to the successful economic reforms.
MSME Support and Outreach Programme by PM Modi – 12 Initiatives
Prime Minister Narendra Modi has made made 12 announcements under the Support and Outreach Programme for MSME sector. These 12 initiatives will fulfill the requirements of the 5 categories mentioned above and are described as follows:-
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Access to Credit (1, 2, 3 Announcements)
The access to credit category is the first of the 5 categories for which PM has made 3 announcements as below:-
- First Initiative – As the 1st announcement, PM launches psbloansin59minutes.com which is a 59 minute portal to enable easy credits to MSMEs. At this portal, govt. will grant in-principle approval for business loans upto Rs. 1 crore in just 59 minutes. A link to this portal is also available at the GST portal to ensure that nobody is compelled to visit bank branches repeatedly.
- Second Initiative – PM Modi has made 2nd announcement as 2% interest subvention for all GST registered MSMEs on fresh or incremental loans. Interest rebate has been hiked from 3% to 5% for exporters who receive loans in the pre-shipment and post-shipment period.
- Third Initiative – As 3rd announcement, all companies with an annual turnover of more than Rs. 500 crore must now mandatorily be brought on the Trade Receivables e-Discounting System (TReDS). On joining this portal, entrepreneurs would be able to access credits from banks based on their upcoming receivables. This initiative is going to resolve the problem of cash cycle.
Access to Markets (4, 5, 6 Announcements)
The 2nd Category is access to markets for which 3 announcements were made by PM Modi which are given below:-
- Fourth Initiative – To provide access to markets for entrepreneurs, the central govt. has already taken a number of initiatives. The 4th announcement is that the public sector companies have now been asked to compulsorily procure 25% instead of 20% of their total purchases from MSMEs.
- Fifth Initiative – The 5th announcement is related to women entrepreneurs in which out of the 25% procurement mandated from MSMEs, 3% must now be reserved for women entrepreneurs. Around 1.5 lakh suppliers are registered with GeM out of which 40,000 are MSMEs. Till date, transactions worth more than Rs. 14,000 crore have been made through GeM.
- Sixth Initiative – The 6th announcement is that from now onward, all the public sector undertakings of the central government must compulsorily be a part of GeM. It is also mandatory for the PSUs to get all their vendors registered on GeM.
| Portal | psbloanin59minutes.com |
| Name of the scheme | MSME business loan in 59 minutes |
| Launched by | Arun Jaitley, Finance Minister |
| Date of launch | September 2018 |
| Supervised by | Micro, medium, small business enterprises |
| Target beneficiaries | Small entrepreneurs |
| Other government schemes pertaining to loan | Pradhan Mantri Mudra Yojana |
| Loan Amount | 1 Crore |
What are the key features, subsidy and interest rate of the business loan?
- Financial assistance from the government – The MSME has introduced the new business loan scheme in order to help the entrepreneurs the central government regulates Micro, small and medium enterprises and its functioning. This department provides financial help to the medium, small and micro-sized business organizations financially.
- Details of the ventures – According to this loan scheme, financial assistance will be given both to the new and the existing business enterprises.
- Amount attainable for the loan – The Finance Minister has stated that people under this business loan will be able to attain any amount of money less than rupees 1 crore.
- Money to be kept in the bank account – Any monetary transfer pertaining to this loan scheme will be made only through an active bank account of the beneficiaries. After the enrollment under the business loan, the user will receive the money within 7 to 8 days in their respective bank accounts.
- Associated banks with the loan –The loans under this scheme will be sanctioned via SIDBs or small industries development banks. For this task, the central government has appointed 5 public sector banks.
- Rate of interest and the subsidies –The rate of interest will vary from one business to the other. Apart from this, no information has yet been declared about the subsidy given in this business loan scheme.
What are the eligibility criteria for this business loan scheme?
No such strict eligibility criteria for applying under this loan have yet been declared by the central government. It can only be assumed that the companies which fall under small, medium and micro-sized business can apply for getting the facility of this loan.
Documents Required for PSB Loans in 59 minutes
- GST Details: GST Identification Number (GSTIN) and GST User Name
- Details of Income Tax: Latest 3 years’ ITR in XML format
- Last 6 months’ Bank Statement in PDF Format: The Loan Applicant can upload Bank Statement for maximum 3 bank accounts on the portal. It is preferable to upload the Bank Statement having the major bank activities
- Details of the Loan Required
- Details of Proprietorship/ Partners/ Directors
- E-KYC Documents of the Loan Applicant
- Frequently Asked Questions (FAQs)
PSB MSME Business Loans in 59 Minutes – Apply Online
A new portal is launched by the central government in collaboration with SIDBI and 5 banks have been choosen namely State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda, Vijaya Bank and Indian Bank to provide MSME loans in a faster manner. Personal Loan In-principle approvals are currently provided for value up to INR 20 Lacs, Home Loan In-principle approvals are currently provided for value up to INR 10 Crores and Auto Loan In-principle approvals are currently provided for value up to INR 1 Crore. Below is the complete procedure on how to make registration and apply online for MSME business loans in just 59 minutes:-
How to apply for this loan?
- Unlike the previous time, applications under the MSME scheme can be applied in as less as 59 minutes. This has been made possible with the introduction of the new portal pertaining to this loan scheme.
- The applicants who are interested to avail the benefits of the scheme will have to register under this portal [https://www.psbloansin59minutes.com/home.]. Following this, they will get login credentials, with the help of which they will be able to get access to the digitalized document. They should click on the suitable link to have access to the document.
- The primary registration with a start with a start by forming the login details.
- The applicant has to type his or her name in the given space, email details along with an active mobile number. They should be careful while entering the details.
- As soon as they enter the mobile number, they will receive OTP by clicking on a given link on the page.
- After this, the applicant has to enter the OTP in the given space and then click on the proceed option.
- The password that has been set for the account can be changed later on. After this, the applicant has to choose whether they are applying for the existing business or their new business venture.
- Following this, the applicant will be directed to the actual enrollment page.
- Now, the applicant has to fill in the application carefully and then they have to choose the bank from which they will get the loan.
- After completion of the application process, the applicant will receive approval.
- Following this, the applicant needs to connect the enrollment request that they have received with the IT accounts and the GST details. This will further help to identify that the applicant is part of the scheme. In addition, the bank details will help in the transfer of the funds.
- This application procedure is available only for the new members enrolling under this loan scheme. For the existing members, the mobile numbers and ID will be enough to have access to the details of the account.
MSME Outreach & Support Drive by PM Modi – Features
All the micro, small and medum enterprises can avail loans upto Rs. 1 crore in just 59 minutes and a lot more from this massive MSME outreach and support drive:-
- SMEs would be able to access credit easier and faster.
- All the SMEs will now have an improved cash flow system.
- SMEs will gain more access to the market to sell their products.
- SMEs will get simpler regulatory compliance and ease of doing business.
- All the SME employees can now avail more social security benefits.
- SMEs would also be benefited from formalisation and GST enrolment.
Department of Financial services, Ministry of Finance is the nodal agency for the implementation of MSME Outreach and support drive to be started by the PM Narendra Modi on 2 November 2018.
Financial Inclusion Index (FII)
FII will be the measure of access and usage of a basket of formal financial services and products. This would includes savings, remittances, credit, insurance and pension products. Financial inclusion index will contain 3 measurement dimensions which are as follows:-
- Access to financial services and products.
- Usage of financial services and products.
- Quality of financial services and products.
Jan Dhan Darshak – Banking Services Infrastructure Locator App
Central govt. has also launched a new Jan Dhan Darshak App which will serve as infrastructure locator for banking services. This app aims to bring banking services within the reach of common man through over 5 lakh banking touch points. This touch points will include bank branches, ATMs, banking correspondents, common service centers (CSCs) and post offices.
GIS (geographic information system) mapping would help in identification of the nearest banking touch point. Now, the govt. is focusing on ensuring that every household must get banking services within 5 kilometers range from their houses.
Technology Upgradation (7th Announcement)
PM Modi said that tool rooms are a vital part of product design which is related to upgradation of technology. In the 7th announcement, PM mentioned that 20 hubs will be formed across the country and 100 spokes will be established to be used as tool rooms.
Ease of Doing Business (8, 9, 10, 11, 12 Announcements)
The 4th Category is Ease of Doing Business for which 5 announcements were made by PM Modi which are given below:-
- Eight Initiative – The 8th announcement is related to Pharma companies which stated that clusters will be formed of pharma MSMEs. PM said that 70% of the total cost for establishment of these clusters would be borne by the central government.
- Ninth Initiative – In the 9th announcement, PM mentioned that all the government procedures are going to be simplified. Moreover, the return under 8 labour laws and 10 union regulations needs to be filed only one time in a single year.
- Tenth Initiative – In the 10th announcement, PM said that the establishments to be visited by an Inspector will be decided through a computerized random allotment.
- Eleventh Initiative – To establish a unit, an entrepreneur needs 2 clearance namely envirinmental clearance and consent to establish. So, the 11th announcement is that under the air pollution and water pollution laws, now both these clearances have been merged as a single consent. Moreover, the return will be accepted through self-certification.
- Twelfth Initiative – In the 12th announcement, PM mentioned that an ordinance has been brought in which, for minor violations under the Companies Act, the entrepreneur will no longer have to approach the Courts. For such violations, entrepreneurs can correct them through simple procedures.
Loans upto Rs. 1 crore in 59 minutes. pic.twitter.com/6vjYKEPhs8
— PMO India (@PMOIndia) November 3, 2018
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Social Security to Employees in MSME Sector
PM Modi also intends to provide social security for the employees in MSME sector. For this purpose, the central govt. would launch a mission to ensure that these employees possess jan dhan accounts, provident fund and insurance facilities.
PM said that these 12 decisions would go a long way to help MSME sector in India and also the implementation of this outreach programme would be intensively monitored over the next 100 days.
Q. What is PSB Loan in 59 minutes?
A. PSB loan in 59 minutes is an online marketplace, introduced by the government of India with the aim to provide Business Loans to MSMEs in a process which can approve Loan Application in 59 minutes. So, the businessmen can apply for a small business loan through PSB Loan to meet their business requirements.
Q. Can i get home loan or personal loan from PSB Loan in 59 minutes?
A. Yes, you can get home loan and personal loan both from PSB Loan in 59 minutes. The interest rate and loan amount will depend on the monthly income, repayment history, etc. of the applicant.
Q. What is the Loan Amount PSB Loan in 59 minutes offer?
A. The Loan Amount starts from Rs 1 Lakh to Rs 5 Crore
Q. What is the Rate of Interest for PSB Loan in 59 minutes?
A. PSB Loans have Interest Rate starting from 8.50% onwards
Q. What are MSME Loans?
A. MSME stands for Micro and Small Medium Enterprises that are run by entrepreneurs. MSME loan is a type of Loan that is provided to entrepreneurs and Business Individuals who can apply for a Loan to improve their existing Business.
Q. Does the borrower need to provide collateral for PSB Loan?
A. It is not necessary for the borrowers to provide security or a collateral for PSB Loans in 59 minutes.
Q. What is the turnaround time for this loan?
A. PSB loan in 59 minutes takes 7-8 days working days to disburse the Loan Amount after the Loan Application has been approved.
Q. What is the process of Loan Application of PSB Loans?
A. For anyone who would like to expand their existing business, one can apply at www.psbloansin59minutes.com. Register yourself with the basic details. Once you have your profile registered, there will be a set of basic questions which need to be answered followed by the GST Details, Bank statements, Bank details and purpose of the loan. The final stage will be of a list comprising of the Banks that have been matched with the Loan Applicant’s profile. You can select the bank and proceed with the loan application if approved.
Q. How can PSB Loans in 59 minutes be contacted?
A. For any queries related to small business loans, one can call at +1800 103 7491 (Toll free number) or write to them at [email protected]
The financial index is a scale that will help to measure the rate of financial facilities that has been used by the beneficiaries under any scheme. In order to get the correct result under this scheme, the ‘access’, ‘quality’, ‘usage’ of the financial products including the services involved.
Hope all the information provided is helpful for the candidates applying for MSME Business Loans in 59 Minutes at psbloansin59minutes.com (Apply Online) Scheme. For more further clarifications visit the official site. In this article, we discussed some of the scheme benefits, Eligibility Criteria, Required Documents and some steps guiding candidates with MSME Business Loans in 59 Minutes at psbloansin59minutes.com (Apply Online) Scheme Application process. For all the latest article related to the government schemes.
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