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Apply for MSME/PSB Loans in 59 Minutes – All You Need to Know

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Posted on
Jan 01, 2020
MSME loan in 59 mins

MSME loan in 59 minutes is a micro, small, and medium-sized enterprise loan programme established by the Government. Under this programme, small and medium-sized firms can obtain an MSME loan without pledging security or collateral and at the overall market lowest interest rates.
SME loans are applied online using the websites of several public and private banks and non-bank financial companies (NBFCs). The facilities seek to reduce loan disbursement time from 30 days to about 7 to 8 working days.

Msme/PSB Loan in 59 Minutes

Micro, Small, and Medium Enterprises (MSMEs) contribute significantly to India’s socio-economic growth. They are frequently referred to as the pillars of the Indian economy. Access to the appropriate financing at the appropriate moment is a critical necessity of these businesses.


PSB loan scheme was created to bridge the gap between MSMEs and lenders to meet this sector’s financial needs. Along with facilitating financing for borrowers, the psbloansin59minutes.com improved the efficiency of information received by lenders, hence simplifying the decision-making process for credit managers.

Few Features of the MSME Loan in 59 Minutes

  • The loan gets approved in less than 59 minutes. The entire loan procedure takes just minutes rather than days or weeks from application to delivery of the acceptance letter.
  • Within 7-8 days after loan approval, they release your money.
  • For a 59-minute MSME loan, the interest rate begins at a moderate 8.5%
  • Loan amounts range from 1 lakh to 5 crores.
  • Paperwork requirements are minimal. Hence the loan process is completed swiftly and without complications.
  • A loan supported by technology as all operations are automated and need minimum human participation.
  • Numerous technology integrations streamline the credit decision-making process.
  • Applicants may apply to numerous loan providers to obtain the requested amount.

Why should you apply for the ‘59 Minutes MSME Loan’

The platform enables businesses to expand and address current financial demands in a transparent and timely manner. One can use a business loan for a variety of objectives, including the following:

  • Expansion of business
  • Acquisition of machines and other plant equipment
  • To fulfil operating capital requirements
  • For technological advancements
  • For the development of infrastructure
  • To acquire raw materials or to maintain a store of inventories
  • To increase operational efficiency

The following documentation may be used to apply for an 59 Minutes MSME loan:

  • GST information, which includes the GST Identification Number (GSTIN) and the GST username
  • Income tax return details for a minimum of one year in XML format
  • Bank statement for the preceding six months
  • Details about the loan required
  • Details about the proprietorship/partnership/directorship – fundamental, biographical, educational, and ownership information
  • E-KYC Documents of the Loan Applicant
  • They may request additional company paperwork if the lender so wishes

Eligibility

The borrower must have a login ID of psbloasnin59minutes.com, GST, and have the latest six months’ bank statement for existing businesses. The lender analyses the following factors:

  • Income/Revenue
  • Repayment Capacity of the Borrower
  • Existing credit facilities
  • Other factors set by the Financial Lender

How to Apply for the 59 Minute MSME Loan

When followed correctly, the 59-minute process is exceedingly simple, straightforward, and user-friendly. The entire procedure is automated and conducted online, which minimises paperwork and delays. Verify if all necessary papers are on your device and ready to be uploaded before initiating the process. Additionally, ensure that income tax returns are submitted in XML format, and bank statements are submitted in PDF format.

Now that the fundamentals have been addressed, let’s discuss the loan process:

1. Access the official website

To begin, navigate to the official website’s home page www.psbloansin59minutes.com and finish the sign-up procedure. It will ask you to provide your personal information, including your name, email address, and cell phone number. Once you’ve input your mobile phone number, a button labelled ‘Get OTP’ will appear; click on it.

2. Confirmation of OTP

Once you’ve received the OTP on your registered email address, input it into the portal’s valid OTP field, check the ‘I accept…’ box after reviewing the terms and conditions, and then press the Continue button.

3. Details

You will be asked a series of questions at this stage. It includes proper registration in the GST site, proofs of filing GST returns on time, and timely IT returns. Ensure that you answer all of these questions and click ‘Proceed’ after selecting ‘I am a registered MSME, and I agree with the points mentioned above.

4. GST Specifications

The following screen requires you to input your GST information, including your name, registration number, username, and password. Additionally, add your GSTIN. Then, submit tax returns in XML format and PAN card information.

5. Bank Account Information

Following that, you must provide six months’ worth of bank account statements in PDF format. If you do not desire to submit your statements, you may also finish the procedure by logging onto your net banking page.

6. Justification for Loan

Here, you must explain why and for what purpose you are getting a loan and what you intend to do with the funds obtained via the loan. Additionally, you must include the history of loans taken in the past and the associated documentation.

7. Choose the relevant financial institution

It is one of the final phases in the application process for the MSME 59-minute loan. The government has delegated authority to issue MSME loans to selected institutions so you can apply for a small business loan with multiple lenders at the same time.

8. Make convenience payment

The final step in the procedure is to pay a Rs 1000 + GST convenience charge. This is a non-refundable charge for the service given to you.

Download the letter of confirmation

That is all! You have completed the MSME 59-minute loan approval procedure, and your acceptance letter is now available for download. Following this, it will take around 7-8 days for the funds to appear in your account.

Bear in mind that this is only the authorisation of a loan, not the disbursement of funds. If a lender is sceptical of your actions or believes that the information you have supplied is insufficient, they can still request further information and put the procedure on hold. Check your emails regularly for checking the status of your application.

The pandemic’s complications

It is believed that in difficult times, cautious measures are taken. The pandemic wreaked havoc on Indian enterprises but also illuminated a route towards digitalisation. Otherwise, it could have taken another half-decade to emerge.


Digital adoption helped these firms to survive during the pandemic’s critical period. However, with manufacturing operations closed and exports halted, it was difficult for MSMEs to survive under a severe cash constraint.
It was the moment for all MSME businesses to battle and made viable business decisions with the assistance of the government’s initiatives.

Final Words

The government is adopting several steps to develop the MSME sectors in India, as they deliver significantly to the economy in terms of capital and jobs. As an MSME entrepreneur, it is your responsibility to fully utilise all government efforts and programmes to develop your firm.


If you’re searching for a hassle-free borrowing arrangement, FlexiLoans is a fantastic option. If you meet the eligibility standards and have the necessary documentation, you can obtain the loan promptly.

Frequently Asked Questions (Faqs)

  • How long will it take for me to obtain a final decision and funds?

Borrowers can obtain in-principle approval in as little as 59 minutes using the online interface from any location at any time. Following in-principle approval, the period required for loan distribution is determined by the information and paperwork submitted on the site and by the bank. The more precise the data, the sooner you will receive payment. Generally, they will release the loan within 7-8 working days of receiving the in-principle approval.

  • Is it necessary for me to offer collateral to obtain a loan through the portal?

Even if the applicant lacks collateral security, he or she may qualify for a collateral free business loan under the CGTMSE plan at www.psbloansin59minutes.com.

  • I’ve forgotten my GST login password; is there any way to get in?

If you also don’t have a GST Login password, click “Login with OTP” and enter the relevant information. An OTP will be sent to the Mobile Number registered on the GST Portal.

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