FAQ’s ON APPLYING FOR LOAN ON PSBLOANSIN59MINUTES.com

An MSME can avail business loan from Rs 1 Lakh to Rs 1 Crore through www.psbloansin59minutes.com.

Applying for a loan at www.psbloansin59minutes.com.is a simple process:

• − Click on above mentioned URL.
• − Register using Name, Mobile Number and Email Id
• − Post Registration, provide required details to avail business loan approval within 59 minutes.
• FOLLOW STEP BY STEP FORM

No, you don’t need to pay the registration fee.

For Existing Businesses: Borrower should be GST, IT compliant and must have Net Banking Facility.

An Existing business wishing to make an application on the www.psbloansin59minutes.com, requires the following:

• a. GST Details: GST Identification Number (GSTIN), GST User Name and GST Password
• b. Income Tax Details: Either Upload latest 3 years ITR in XML format
• or
• Provide PAN, Date of Birth/ Incorporation, Password of Income Tax Account onwww.incometaxindiaefiling.gov.in
• c. Net Banking Details: Either upload Bank Statements for last 6 months in PDF format
• or
• Provide Login ID and Password
• (Borrower can upload Bank Statements for Maximum 3 Bank Accounts on the Portal. Please upload bank statements having Major Business Activities)
• d. Details of Directors/Partners/Proprietor
• e. Details related to Loan Required

To ensure fast, easy and hassle-free loan evaluation process, we need certain details related to your personal and business to ensure authenticity and check eligibility for credit. The Bank Statements/ GST/ ITR details uploaded by the borrower are analyzed in real time to provide required data to lenders, based on which the banker will take a decision on Sanctioning/Disbursing the proposal. Please be ensured, your all personal and business specific data is secure with us. We assure that “your credentials are never stored”.

Your data is our utmost priority. The portal collects sensitive data for real time loan evaluation process. Your data is safe with our cloud servers.

At www.psbloansin59minutes.com, we venture to provide a safe and secure environment for the borrowers to complete their journey. The Login Credentials for GST, Income Tax and Net Banking are never stored and are only utilized to get the required data for analysis.

We are sorry, you will not be able to complete the borrower journey on www.psbloansin59minutes.com

Kindly ensure you got all the documents required in digital format for the application process. In case you don’t have some documents, kindly log out from the platform. Collect all the required documents and again login using your registration credentials. You don’t need to start again from the beginning. You will be directed to the page where you pressed log out. Enter your details and proceed further.  In case of any further assistance, feel free to call us on our toll-free number 1800 103 7491.

For registration purpose, the borrower doesn’t need to make any payment. Any borrower whose proposal matches with the products of lenders and wants to receive an In-Principle approval will be required to make a nominal payment of Rs. 1,000 + Applicable Taxes.

For registration purpose, the borrower doesn’t need to make any payment. Any borrower whose proposal matches with the products of lenders and wants to receive an In-Principle approval will be required to make a nominal payment of Rs. 1,000 + Applicable Taxes.

The In-Principle approval is given based on the data provided by the borrower. After offering In-Principle Approval, the preferred lender (as selected by borrower) will conduct a thorough due diligence and decide on whether to Sanction/Disburse the Proposal. The final decision will be at the lender’s discretion.

The In-Principle approval is given based on the data provided by the borrower. After offering In-Principle Approval, the preferred lender (as selected by borrower) will conduct a thorough due diligence and decide on whether to Sanction/Disburse the Proposal. The final decision will be at the lender’s discretion.

Post receiving In-Principle Approval, you can check the status of your application on the web portal by signing in with your registration details.

Through the web portal , a borrower can get in-principle approval in just 59 minutes from anywhere at any time. Post in-principle approval, the time taken for loan disbursement depends on the information and documentation provided by you on the portal and banks. The more accurate the data, the sooner you will get disbursal. Generally, post in-principle approval, the loan is expected to be disbursed in 7-8 working days.

Don’t worry. Login again on web portal with your registration credentials. You don’t need to start again from the beginning. You will be directed to the page where you pressed log out or got disconnected.

Don’t worry. Login again on web portal with your registration credentials. You don’t need to start again from the beginning. You will be directed to the page where you pressed log out or got disconnected.

Your application might get rejected due to one or more of below mentioned reasons:

• a. You answered Negative in at least in one of the primary questions
• b. Your credentials do not match across documents provided by you
• c.Your business does not clear various parameters set by banking partners

We send OTP to registered mobile as well as to Email Id. Kindly check if you have received or not in both or either of them. In case not received, contact us on our toll-free number 1800 103 7491.

A security in form of asset offered by the borrower to a lender for securing a loan. In case of default from the borrower in repayment of the loan, the collateral can be used to recover losses.

Even if the borrower does not have collateral security, he/she can avail business loan through www.psbloansin59minutes.com under CGTMSE scheme.

Turnaround Time (TAT) is the time taken by a lender in processing a loan application, from submission of proposal to sanction and disbursement.

The platform requires submission of borrower’s data and runs analysis on the same in real time basis. The details are matched with Various Criteria set by all Lending Banks on the Platform. Borrower will be shown a List of Banks with whom the Application got matched with and from those Banks the Borrower can select his/ her preferred lender.