A government’s official website, PSB loan in 59 minutes, provides MSME loan borrowers funds for their businesses. Prime Minister Modi introduced an offer to provide Rs. 1 crore loan in 59 minutes, which can be availed on the same website. This loan is intended for the MSME sector and loans from Rs. 10 lakhs to Rs. 1 crore will be provided. This website reduces the approval time from 20-25 days to 59 minutes. After the approval of the loan, it will be disbursed within a week.
You would have to register on the official website and answer a few questions. You would be asked for your GST and tax details. Then you would have to provide bank information, details of company directors and loan info. After that process you would have to select the bank where you want to proceed with your proposal. Pay the convenience fee and download your approval letter.