Modi Launches Special Portal For 59 Minute Loan Scheme Under MSME Program
Like most other administrative departments, MSME is also under the supervision of the central government. Small and medium business organizations fall under the Micro, Small & Medium Enterprise Department (MSME). Recently, PM and FM announced the implementation of 59 Minute Credit Program for business enthusiasts. Loan approval was a time consuming procedure. With the launch of this scheme, applicants will attain loan sanction within 59 minutes only.
|Name of the scheme
|59 Minute Loan Scheme
|Date of launch
|Micro, Small & Medium Enterprise Department
|Official portal address
- Monetary assistance for businesses – Without proper financial support, it is not possible for small and marginal organizations to survive in the cut-throat arena. The implementation of 59 Minute Credit program will offer necessary monetary assistance to intent candidates.
- Amount attainable – The central government has announced that all business owners, who are interested in getting the credit, will be able to attain as much as Rs. 1 crore.
- Interest rates – Till date no information is available on the interest rate that will be charged on the credit amount. An additional rebate of 2% will be offered to those agencies, which have GST certification.
- Number of banks included – Five different government run financial institutes have been enlisted under the new scheme.
- Paperless procedure – Earlier, several legal documents were needed for credit applicant, from any bank. With the launch of this site, the entire credit application process will become paperless.
Eligibility and documents necessary for application
- Small and medium companies – Only those companies will be able to get the financial assistance, which fall under the small and medium organization category. This scheme is not for big agencies.
- Both new and old agencies – While most credit schemes offer financial assistance to new companies, this credit scheme is for new as well as old companies.
- Financial help for overall development – Whether it us for purchasing machineries, business expansion or other reasons, applicants will be able to utilize the money in any way they deem fit.
- Business registration documents – All documents, which highlight the legal registration details, must be scanned and attached with the 59 Minute Loan applications.
- GST documents – Only those business organizations, which are listed with the government, and pay taxes, will be able to attain the benefits of this project. Attaching GST certificates is a must for successful approval of the application.
- PAN cards – The owners have to attach their personal PAN card copies as well as PAN card, issued in the name of the company with the digitized form.
- Ownership certificates – Both sole ownership organizations and partnership agencies will get the perks of this scheme. Scanned copies of all pertinent documents must be uploaded by the applicants.
- Bank account details – Highlight the bank name, branch name, account number and branch code are necessary for transferring the approved credit amount. Applicants must attach the scanned copy of bank account details as well.
- KYC – It is mandatory for all applicants to submit their KYC or Know Your Customer documents. Without this, no credit applicant will be approved. All 59 Minute loan aspirants must attach the digitized copy of this form.
How to get application form and apply online?
- This is not the first business development loan that has been offered by the central authority. The PM announced that this 59 Minute Credit program is a gift for interested applicants on the occasion of Diwali.
- The respective central authority has already launched a website that will assist people to opt for credit under this program. All applicants have to click on a specific link to get their hands on the digitized form. For this, all business enthusiasts will have to click on https://www.psbloansin59minutes.com/home.
- It will take the applicant to the home page of the unique portal. Once this page comes up, applicants will have to complete preliminary registration.
- Only three details are necessary for this signup process. The applicant’s name and email ID must be typed in. Apart from this, the candidate needs to provide his/her mobile number.
- Once all these details are filled in, one will get the OPT, which will be generated automatically by the portal. To activate this step, one has to click on the option marked as “Get OTP.”
- The OTP will come in the form of an SMS to the registered mobile number. Candidates must type in the code in appropriate filed and then click on the “Proceed” option.
- This will complete the registration process. After this, applicants can logon and then officially log in with ID and changed passwords.
- Then the borrower will have to initiate the actual enrollment by clicking on another link. This option is highlighted as “Need Fund For Existing/New Business.”
- Once the document pops up, applicants need to go through the terms and conditions. After this, one must fill in all necessary details.
- On this portal, applicants will get a long list of banks, which have been selected by the respective authority. Applicants can pick the bank they prefer.
- After the form fill up, candidates have to click on the save and submit link.
- It will save the application in the database. Inspectors in the respective departments will scrutinize the details, and issue the approval message.
Both the Prime Minister and the Finance Minister are hopeful that this scheme will bring about a smile on the faces of the business community. Big organizations have financial backing, but the same is not true for small and medium agencies. This financial assistance from the central department will breathe in life in these companies, and strengthen their base.