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MSME Business Loan: How to Get Loan within Minutes to Start Small Industry? Details Inside

Pronami Chetia
Pronami Chetia

MSMEs which are included under the Central Government, help people in setting up micro, small and medium industries across India.

Recently, the central government has launched a new portal under which small industries will be able to get loans up to 1 crore in 59 minutes. Moreover, Pradhan Mantri Laghu Udyog Yojana is a great initiative from the central government for the upliftment of small industries across Indian states. Earlier loan approval used to take months, now you can avail the loan in just 59 minutes.

For this, the borrower will have to apply online under Pradhan Mantri Laghu Udyog Yojana. Read this article to know in detail.

Benefits Of MSME Scheme

Pradhan Mantri Laghu Udyog Yojana

The main feature of this loan is that you can receive loan only in 59 minutes.

Earlier, for the process of offline loan, a lot of papers had to be deposited in banks or other institutions, which used to spend a lot of time. Under this scheme, you can easily apply through online mode.

There will be no need to go to the bank to register for the loan under this scheme. You can complete all the proceedings just sitting at home.

This portal has been prepared in such a way that the information filled by you will be verified by the portal within a few minutes . After that, you will be told at the same time whether you are eligible for the loan or not.

After this approval, you can choose your favorite bank from the given bank list and get a loan from that bank. Further action will be taken by the bank partner.

Loan amount:

Under this scheme, beneficiaries can register for loans up to a maximum of 1 crore. This loan will be given only for small scale industry.

Fixed interest rate:

The government has not yet made a clear statement about the interest, but the borrower will have to bear 2% GST on this loan. Fixed loan period: The government or MSME department has not set any guidelines regarding the repayment period.

Read More: Climate based Crop Insurance Scheme Kharif- 2020; Last Date to Avail the Benefit is July 31st

Eligibility Criteria for Small Business Loan

All those industries, which come under the terms of MSME (Micro Small and Medium Industries Department), can apply for this loan. Apart from this, clearly the government has not set any guidelines yet.

Application Form & How to Apply Online?

To take advantage of this scheme, one has to login on its official portal https: //www.psbloansin59com/signup. This is the main feature of this scheme, that it will not have to go anywhere.

As soon as you open the site, you will get a sign-up page, where you will have to fill all the required information correctly. In this, after filling the name, ID, mobile number, an OTP code will be sent to your mobile number through a message.

If you do not get the OTP, you can click on Resend, which will give you the OTP. After getting the OTP, in the next block you will have to fill that OTP very carefully and click on the link "Proceed" below, which will complete your sign-up process and create your account. Now if you want, you can change your password further.

After this process you will get this link "Need Fund for Existing / New Business", on which you will go to the portal from where you have to fill the form for the loan. If your process till now is correct from every side, then you will get the message of approval of the loan at the same time.

After the loan approval, you have to choose the bank, through which you want to take a loan. After that, further processing will be done by the bank.

After this approval of the loan, you will need to connect your GST, IT department with it, so that you are covered under this scheme, this can be confirmed later.

After this, you will also have to give all the bank related information so that the loan can be transferred to your account. This application process is only for new applicants, who are already involved, they do not have to apply in this way, their ID and mobile number information are sufficient for their account information.

Important Documents for MSME Scheme

Under this, bank information has to be given to apply, which will also include information about six months of transaction. This is an important information. After joining this scheme, you have to add your IT account and GST account to it, so you must have all these documents related to tax section. With this form, the applicant has to scan the KYC form and submit it online.

List of Bank in MSME Small Business Loan

Small industries development bank of India

State Bank of India

Bank of Baroda

Punjab National Bank

Indian Bank

Vijaya Bank

Allahabad Bank

Andhra Bank

Bank of India

Bank of Maharashtra

Central bank

IDBI Bank

Syndicate bank

UCO bank

Union Bank

Oriental Bank

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