The Union Minister of Finance & Corporate Affairs Mr. Arun Jaitley has launched a web portal www.psbloansin59minutes.com on 25th September 2018. This portal will enable in principle approval for MSME loans up to one crore within one hour for the micro small and medium enterprises without visiting the branch. It is a strategic initiative of SIBDI led PSB consortium built up under the aegis of Department of Financial Services (DFS), Union Ministry of Finance.
Earlier MSMEs face various problems, queries and verification checks, non standard process and manual process for approval of loan an now they will be able to apply online for loan digitally. The entrepreneurs who want to take loan for their small business are not needed to visit the branches of the banks as they can directly visit the wwww.psbloansin59minutes.com. Now the entrepreneurs will be have not to pay to the brokers who help in the approval of loans. with the help of this portal the load will be approved without any manual intervention till the disbursement of the load. The borrowers will have not to submit any documents physically for the approval of the load.
Eligibility Criteria for MSME Load in 59 Minutes
Though the central government has not mentioned anything about the eligibility criteria it is clear that only companies which fall under the micro, small or medium scale will be allowed to apply for this credit scheme.
Documents Required for MSME 59 Minutes Loan
- GST Verifications – The company owners must also keep their GST details handy so that can type in the necessary GST ID codes
- Income Tax Verifications – Income Tax codes and e-filling details are also necessary for linking the application with tax system.
- Bank Account Related Details – All applicants have to upload a PDF version of their bank statement spanning over six months
- Ownership Details – As funds will be offered for business development, applicants need to upload the ownership papers of the venture, along with academic papers.
- KYC – Applications will also have to upload a digitized version of the KYC form
Online Application for MSMEs Loan Scheme in 59 Minutes
There are following steps for MSMEs Online Application Form
Visit officially website https://www.psbloansin59minutes.com
Home page of the website will open
Fill the details Individual Name, Email, Mobile No. then click on GET OTP option
Change your password, select your requirement as “Need Fund for Existing/New Business” to open the MSME business loans online application form as shown below
Hare candidates have to provide data, select banking partners and get approval for sanctioning of of loans
All the existing members can make login to access their details from the next time by just entering their e mail ID or mobile number.
After the submission of online application form by the businesses, this portal will perform back end checks before loan approval. This web portal is linked with the ministry of corporate affairs and credit information bureau for fraud and products check before sanctioning of loans.
Financial Inclusion Index
The Financial inclusion index or the FII is a scale that will come in handy to measure the percentage of use of authorized financial facilities. It will also measure the percentage of access that people have to these facilities. The system will require three dimension to make a correct measurement. They are “access Usage and Quality of all finacial products and services”
Jan Dhan Darshak Application
Apart from all the new initiatives, taken by the central government a new app has also come up. The name of this application is Jan Dhan Darshak App and it will come in handy to make banking facilities easily accessible for all people. For this the app will be linked with 5 lakh bank touch points. Post offices, branches of several Bank, ATM booths, common service centers and correspondents from the banks will fall in the list of bank touch points.
Many people don`t get the banking facilities as they live in rural areas. Creating banking touch points will bring these services within their reach.According to the attest announcement, the finance department wants to create a thick network of bank touch points so that one touch point is placed within the radius of 5 KM of any household in India.