Getting a loan for your business shouldn’t take weeks. That’s the vision behind PSB Loans in 59 Minutes—a flagship digital initiative by the Government of India designed to offer fast-track MSME loan approvals through a single online platform. With this scheme, business owners can get loan approvals from top public sector banks (PSBs) in under an hour.

Let’s dive into how this scheme works, who’s eligible, the interest rates involved, and how you can apply online to secure funding for your business growth.

What is PSB Loans in 59 Minutes?

Launched under the SIDBI-led initiative, PSB Loans in 59 Minutes is a revolutionary digital platform that allows Micro, Small, and Medium Enterprises (MSMEs) to apply for loans ranging from ₹1 lakh to ₹5 crore. The portal connects borrowers directly with multiple Public Sector Banks (PSBs), private banks, and NBFCs, significantly cutting down paperwork and approval timelines.

✅ Loan approvals in just 59 minutes
✅ Disbursal in as little as 7-8 working days
✅ Integration with GST, ITR, bank data, and credit reports

Key Features of MSME Loan for 59 Minutes

Eligibility Criteria for MSME Loan via PSB 59 Minutes

To apply for an MSME loan under this scheme, your business must meet the following basic requirements:

• You must be a registered MSME under Udyam Registration (earlier Udyog Aadhaar).

• Must have a valid GSTIN and regular GST return filings.

• Minimum 6 months of bank statement (for existing businesses).

• Last 2-3 years of Income Tax Return (ITR) filing.

• A good credit score (CIBIL/Experian).

Note: Startups and new businesses with minimal financial history can still apply under certain lenders with alternate documentation.

Interest Rates & Loan Terms

The interest rates for loans under the PSB 59 Minutes platform start from 8.5% per annum, depending on factors such as:

• Applicant’s credit profile

• Business turnover

• Repayment capacity

• Bank’s internal criteria

Other Terms:

• Tenure: 1 to 5 years (can extend based on bank policy)

• Collateral: Collateral-free loans are available under the CGTMSE scheme

How to Apply for PSB Loans in 59 Minutes?

Here’s a step-by-step guide to applying for an MSME loan:

Step 1: Visit the Official Website

Go to https://www.psbloansin59minutes.com

Step 2: Register or Log in

Use your email ID and mobile number to create an account. OTP verification is required.

Step 3: Fill in Business Details

Provide key information such as:

• GSTIN

• ITR credentials

• Bank account statements

• Ownership details

Step 4: Upload Documents

Upload necessary documents like:

• PAN card

• Aadhaar card

• Financial documents (ITR, bank statements)

• Business proof (MSME registration/Udyam certificate)

Step 5: Choose Your Bank & Loan Offer

Select from available loan offers provided by PSBs/NBFCs based on your eligibility.

Step 6: Get Instant Approval

If eligible, you’ll receive in-principle approval within 59 minutes.

Step 7: Loan Disbursal

Visit the selected bank branch for KYC and final processing. The loan gets disbursed in 7–8 days.

Required Documents Checklist

• PAN Card (individual and business)

• Aadhaar Card

• MSME/Udyam Registration Certificate

• GST Details

• Bank account statements (last 6 months)

• ITR returns for the last 2-3 years

• Partnership deed or MOA/AOA (for companies)

Benefits of PSB Loans in 59 Minutes for MSMEs

• ✅ Speed: Loan approval in under an hour

• ✅ Transparency: No hidden charges, track your status online

• ✅ Ease of Use: End-to-end digital process

• ✅ Multiple Lenders: Choose from a wide network of banks and NBFCs

• ✅ Collateral-Free: Avail of loans under CGTMSE without pledging assets

Who Should Apply?

This platform is ideal for;

• MSMEs looking for working capital

• Businesses planning to expand or invest in infrastructure

• Startups needing quick credit access

• Enterprises looking to switch to digital lending

Final Thoughts

With India’s MSME sector booming, PSB Loans in 59 Minutes is a revolutionary step in financial inclusion and ease of doing business. It empowers entrepreneurs by providing fast, secure, and transparent access to credit, ensuring they can focus on growth without worrying about funding delays.

Whether you are a startup or an established business, this platform can help you meet your financial needs without the hassle of traditional loan bureaucracy.

Apply now through the official portal:
👉 www.psbloansin59minutes.com

Start your loan journey today and empower your business with the capital it deserves!