Web portal www.psbloansin59minutes.com is a Transformative initiative in MSME credit space which will enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs). It is a strategic initiative of SIBDI led PSB consortium incubated under the aegis of Department of Financial Services (DFS), Ministry of Finance. The Portal sets a new benchmark in loan processing and reduces the turnaround time from 20-25 days to 59 minutes. Subsequent to this in principle approval, the loan will be disbursed in 7-8 working days.

A first in MSME banking credit space, www.psbloansin59minutes.com is one of its kind platform in MSME segment which integrates advanced fintech to ensure seamless loan approval and management. The loans are undertaken without human intervention till sanction and or disbursement stage. A User Friendly Platform has been built where MSME borrower is not required to submit any physical document for in-principle approval. The solution uses sophisticated algorithms to read and analyse data points from various sources such as IT returns, GST data, bank statements, MCA21 etc. in less than an hour while capturing the applicants basic details using Smart analytics from available documents. The system simplifies the decision making process for a loan officer as the final output provides a summary of credit, valuation and verification on a user-friendly dashboard in real time.

psb loans in 59 minutes

The key features of the contactless platform include:

  1. Majority stake of SIDBI & big 5 PSBs- SBI, Bank of Baroda, PNB, Vijaya and Indian Bank.
  2. A first for MSME borrowers-Connect with multiple banks without visiting the branch.
  3. Advanced Digital Platform for MSME Financing with Services Driven Architecture and highest level of Information Security.
  4. Only Platform in the market with a Banker Interface which covers the Branch Level integrations (with maker-checker-approver) in tune with current systems of PSBs.
  5. Only Platform that enables Bankers to create Loan Products in line with the Scoring models & assessment methods within their approved credit policy.
  6. Only Platform that has an integrated GST, ITR, Bank Statement Analyzer, Fraud Check and Bureau Check as well as host of other features which at present is not available with any other player in the market.
  7. Only Platform that has been integrated with CGTMSE for checking the eligibility of Borrowers. MSME borrower gets loan up to Rs.2 crore without any collateral, which is major relief for MSME borrower.

FAQS on PSB Loans in 59 Minutes

General

1. What is the minimum and maximum loan amount one can borrow through the portal?

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

2. What if I do not file/have GST Return/Income Tax Return/Banking Details?

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

3. I am GST/ ITR and Net Banking Compliant. Though, I currently don’t have all the details required for the application process. What should I do?

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. Click here to Login In case of any further assistance, feel free to call us on our toll-free number 1800 103 7491.

4. Do I have to make any payment for receiving the In-Principle approval?

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.

5. Do I need to pay any charges towards availing a Loan through www.psbloansin59minutes.com?

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.

6. Will I receive a loan if I pay the amount required and receive an In-Principle approval?

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.

7. Is the In-Principle Approval a surety of Loan Sanction?

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.

8. How do I check the status of my application?

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

9. In how much time I will get final decision and receive funds?

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.

10. I accidentally pressed log out while in middle of the application process? What should I do?

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. Click Here to Login

11. I accidentally got disconnected while in the middle of the application process? What should I do?

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. Click Here to Login

12. Why my application is not eligible for In-principle Approval?

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

13. I did not receive OTP. What should I do?

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.

14. What is Collateral?

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.

15. Do I need to provide Collateral to avail loan through the portal?

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

16. What is Turnaround Time?

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

17. How does www.psbloansin59minutes.com reduces the Turnaround Time?

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.

Sign Up, Password Creation & Login

18. What are the details that I require for registration (sign-up) on www.psbloansin59minutes.com?

Any person interested to register (sign-up) on www.psblaonsin59minutes.com and receive an in-principle approval, only needs a valid E-Mail Address and a Mobile Number.

19. What is the process to sign-up?

a. Fill in the Name, E-Mail Address and Mobile Number, and click on “Get OTP”

b. Enter the OTP received on the Mobile Number provided

c. Tick on the “I agree to Terms and Conditions” check box

d. Click “Proceed”

e. Create a Password and confirm the same

Click here to Register

20. How should I Login into my account?

  • a. On the Sign-Up Page, click on “Login” provided next to “Already a Member?”
  • b. Login through Your Registration Credentials:
  • Through Registered E-Mail ID and Password
  • Or
  • Through Registered Mobile Number and OTP
  • Click here to Register

21. I forgot my password. What should I do?

a. Login using the OTP by entering the Mobile Number.

Or

b. Enter the registered E-Mail Address and click on the “Forgot Password?”. You will receive a mail to reset your password on the E-Mail Address Provided.MCQ

22. What if the answer to any of the question is in negative? Will I be able to proceed with my application?

We are sorry, you will not be able to proceed if answer to any of the question is “NO”.

23. I do not have the password for GST login, is there any alternative?

If you do not have GST Login password, click on “Login with OTP”, provide the required details and you will receive an OTP on the Mobile Number registered on GST Portal.

24. While trying to receive OTP, an error message was displayed stating “API Access Denied”.

The error occurs when the API access is not allowed on the GST Portal. Click on the video link provided to view a tutorial on how to turn on the API Access on the GST Portal. Turn on the API Access on the GST Portal and then try again.

Income Tax Returns

25. Do I have to mandatorily upload Income Tax Returns for past 3 years?

The borrower can proceed by uploading even a single year’s Income Tax Return, however it will be beneficial if Income Tax Returns for all the years are provided.

26. I have not yet filed the return for the latest financial year? Will the Income Tax Return for past financial year be accepted?

If a borrower has not yet filed the Income Tax return for latest financial year, he/she can upload the Income tax Return of past financial year(s).

27. I used to file Salary Return in past financial years and have only one year of Business Income Return. Can I proceed with my application?

Yes, the borrower can proceed with uploading Income Tax Return if the return in latest financial year is a Business Income Return, irrespective of the returns filed in the past previous years.

28. I am not in possession of the XML files of the Returns filed. Is there any alternative?

The borrower can opt to provide Login Credentials of www.incometaxindiaefiling.gov.in Follow below mentioned steps:

a. Provide ‘Date of Incorporation’ below the ‘PAN

b. Click on “Login” and you will be redirected to another Page

c. On the redirected page, provide the ‘e-filling password’ and click on “Next”

d. Enter the CAPTCHA displayed on the screen and click on “Submit”

e. Borrower will be redirected to Bank Statements Page

29. How to download XML files of Income Tax Return filed (if I do not want to provide the Login Credentials)?

Click on the Link: “How to get XML file of your ITR?” And follow the instructions provided to download the XML files from the www.incometaxindiaefiling.gov.in and upload the same on the platform.

30. I am filing my Income Tax Returns under Presumptive Taxation or I file ITR form 4/4S. Can I proceed with my application?

Yes. There are products created by lenders for borrowers who file their Income Tax Returns under Presumptive Taxation or file ITR form 4/4S.

Bank Statement

31. Do I need to upload bank statements of entire year?

No. The borrower needs to upload Bank Statements of the last 6 months only.

32. I have Bank Statements in Physical Form. Can I upload after scanning them? (MSME) I have Bank Statements in Excel. Can I upload them directly or by converting them into PDF files?

The Bank Statements that the borrower needs to upload should compulsorily be in the PDF format and should be downloaded from Net Banking Facility or received from the Bank every month. Any other format converted to PDF format will not be accepted.

33. I do not have my Bank Statements in the PDF format. Is there any alternative?

The borrower has an option to provide the Credentials for Net Banking i.e. the Login ID and Password. The platform will automatically fetch the required data. Follow below mentioned steps to upload Bank Statement using Net Banking Credentials:

a. Select the number of accounts you want to upload.

b. Tick “Login with Net Banking” and Click on “Net Banking” Button.

c. Borrower will be redirected to Net Banking Page

d. On the Net Banking page, select your bank from dropdown list, provide your Login ID, Password and Confirm Password

e. Click on “Next”

f. If prompted, provide OTP or Access Code and Click on “Submit”

g. The borrower will be redirected to Bank Statement Upload Page, where he can proceed to upload another statement or can move ahead by Clicking “Proceed”

Please note, Your Login Credentials are never stored

34. Will my credentials be stored/saved? What assurance do I have that my credentials will not be mis utilized?

At www.psbloansin59minutes.com we venture to provide a safe and secure environment for the borrower(s) 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.

35. I have Net Banking, but my bank is not displayed in your list. What can I do?

It seems that your Bank is not currently supported by the platform, kindly upload the Bank Statement of another bank.

Director’s Details

36. Why do I need to provide all these details?

The details of the Directors/Partners/Proprietors are required for assessment of borrower’s proposal against the parameters of lenders. These details will help us better match you with a suitable lender. Furthermore, the details are required to check the Bureau Score of all the Directors/Partners/Proprietor, to check for credit history of the organization as well as its managers.

37. I have filled all the details required, however there are no values to select from in Village/District/Sub-District tabs?

It seems that your Pin Code is not listed in the system, kindly provide a Pin Code of the nearest area and select the Village/District/Sub-District from the drop downs.

38. I do not have the exact figure of my Net-worth, will an estimate be acceptable?

Yes. Borrower can provide an approximate figure for net-worth, the exact figure will be verified on due diligence.

39. From the list of Directors/Partners displayed on the platform, one or more Director/Partner have left the organization and new Director/Partner has joined. Can I make corrections in the list?

Yes. The borrower is provided with an option to delete as well as add Directors/Partners. To Delete – Click on the “Bin icon” next to “Net Worth” box. To Add – Click on the “+” sign located in line with “Partner Details”.

40. Can I proceed with the details of only one Director/Partner?

No. In case of Partnership Firms and Companies, details of at least 2 Directors/Partners are mandatorily required.

Loan Details

41. What can I do if my Industry is not displayed in the Industry List?

In case a Borrower’s Industry is not displayed in the provided list, the borrower can complete the journey using “Others” option provided in the Industry List.

42. I do not have the MSME Registration Number/ Udhyog Aadhar Memorandum Number. Can I proceed with my application?

The fields for MSME Registration Number and Udhyog Aadhar Memorandum Number are not mandatory and borrower(s) not having either number can leave the fields blank and move on to complete the application.

43. What is Promoter Contribution?

The promoter contribution is the % of loan amount that the lender requires the Promoters to invest/ contribute out of their personal funds.

44. On clicking “Submit” button, error appears as “Banks require a minimum of 8% to 30% as Promoter’s Contribution”. How to Proceed?What is Promoter Contribution?

The above-mentioned message is displayed when the lender products with which your proposal is matching requires a higher percentage of Promoter’s contribution. Enter a higher amount in promoter contribution. In case you cannot enter the amount in Promoter’s Contribution as required/ suggested, please write us at support@capitaworld.com.

45. What is Incremental Turnover and Incremental Margin?

The Incremental Turnover is the increase in turnover that the borrower anticipates if he acquires the Machinery/Equipment. Similarly, Incremental Margin is the increase in margin that the borrower anticipates if he acquires the Machinery/Equipment.

46. What is Commercial Operation Date?

Commercial Operation Date is the date on which the borrower anticipates the Machinery/Equipment will be brought into commercial use. Borrower can provide an estimated date.

47. I do not have any collateral security to offer, will this have any adverse effect on my proposal?

The borrowers can proceed even if there is no collateral security to offer. On www.psbloansin59minutes.com, we provide the borrowers to avail collateral free loans by providing CGTMSE Coverage to the eligible borrower. The eligibility of the CGTMSE Coverage is checked in real time.

48. How are the details of my existing loans being fetched?

The details of existing loans are fetched from Commercial Bureau.

49. There are loans displayed in the Existing Loans section, but the lender’s name does not appear in the drop down. How can I proceed?

The borrowers who have Existing Loans being displayed but the lender’s name is not being displayed in the drop down, can select “Others” option provided in the drop down. The same will be verified during due diligence.

Product Matching

50. Can I change the E-Mail Address to verify if I am unable to receive the OTP in the E-Mail Address provided?

The borrower will be provided an option to edit the E-Mail address. The OTP to verify the E-Mail Address will be sent to the new E-Mail Address provided by the borrower.

51. There are several matching products being displayed, how can I choose one?

The borrower will be displayed all the products that has matched with his proposal, the selection of one from them is at borrower’s discretion. The user can compare the Amount, Rate of Interest and Processing Fees (%) offered by various lenders and select any One Lender.

52. The Eligible Loan Amount is lesser than the Loan I require? How to proceed further?

The Eligible Loan Amount is being computed considering various parameters set by the lenders. The Borrower can proceed with the reduced loan amount if he/she wishes.

53. Why do I need to select a branch?

The branch selection is done to smoothen the process flow. If the borrower receives an in-Principle approval, then the proposal is directly sent to the selected branch for processing. In case the borrower is deemed ineligible then the borrower has an option to send his proposal manually to the selected branch.

54. While selecting the branch, the branch I want to send my proposal to is not being displayed in the list. How to proceed?

If the branch you wish to select is not displayed in the list of branches, then you can either select an alternate branch to send your proposal or contact us on support@capitaworld.com.

Convenience Fees

55. Is the Payment of Convenience Fees a guarantee that I will receive the loan?

The In-Principle approval is given based on the data provided by the borrower. After receiving the In-Principle Approval, the lender will conduct a thorough due diligence and will take a call on whether to Sanction/Disburse the proposal. The final decision will be at the lender’s discretion.

56. Is the payment of convenience fees mandatory to receive an in-principle approval?

Yes, the payment of convenience fees is mandatory for receiving an In-Principle Approval.

57. Will I get a receipt for the amount I pay?

Yes. The borrower will be sent a receipt along with the In-Principle approval letter in the verified E-Mail Address of the borrower.

In-Principle Approval

58. I have received an In-Principle Approval Letter. What do I have to do now?

Congratulations!!! on receiving the In-Principle Approval. The branch you have sent your proposal to will contact you shortly for due diligence proceedings. In case there is no correspondence from the lender’s side, you can visit the selected branch with a copy of the In-Principle Approval Letter.

59. Is the In-Principle Approval Letter a guarantee that I will receive the loan?

The In-Principle approval is given based on the data provided by the borrower. After receiving the In-Principle Approval, the lender will conduct a thorough due diligence and will take a call on whether to Sanction/Disburse the proposal. The final decision will be at the lender’s discretion.

60. I am unable to download the In-Principle Letter. How to proceed?

The borrower is sent a copy of In-Principle Letter on the E-Mail Address which will serve as a valid copy.

61. I have downloaded the In-Principle Letter. However, the letter is blank. How to proceed?

The borrower is sent a copy of In-Principle Letter on the E-Mail Address which will serve as a valid copy.

62. The branch selected and the details of branch in the In-Principle letter are different. How to proceed?

Kindly contact the branch you want to submit your proposal with a copy of In-Principle letter.

63. Will I receive the amount mentioned in the In-Principle Letter, or it can change?

The amount mentioned in the In-Principle Letter is computed based on the data submitted by the borrower. If there is deviation or discrepancies discovered during the due diligence proceedings, the amount is subject to reduction.

In-Eligible Applications

64. If I have been deemed ineligible, why am I asked to select a branch?

In case the borrower’s proposal is considered ineligible on the platform, the borrower has an option to select a branch to forward his proposal for manual processing.

65. What is the process for Manual Processing of proposal?

Once the borrower selects the branch where he wants to submit his proposal for manual processing, an E-Mail is sent to the borrower as well as the branch. The branch will contact the borrower within stipulated time to consider the proposal for manual processing.

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Category : Finance (3748)
Type : News (13980)
Tags : MSMED Act (29)

One response to “MSME loans up to Rs. 1 crore – All you want to know”

  1. Sree Harsha BV says:

    It is collecting the passwords of GST and Income tax portal.

    No news paper has reported this news significanly – I think editor of tax guru should check this and remove the post if required. Its threat to security.

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