PSB Loans in 59 minutes is an initiative launched by Govt. of India to provide an online marketplace for borrowers and lenders. Lenders here mean Public Sector Banks. The Portal can be used to apply Business Loans,Home Loans and Personal Loans.
For now we will see business loans. This Portal can provide in-principle approval for loans applied through completing the journey on portal. Please note that this online journey can only be completed by business men who are running an existing business. For people who wish to start a business should apply for PMMY (Mudra Loan). Below are the things required for completion of online journey on portal :
- GST Registration.
- GST Return for Last six Months.
- Income Tax Returns in pdf format for the last FY.
- Current A/c or Cash Credit A/c statement for Last Six Months in pdf format.
- Directors/Propreiter details i.e Name, Address,etc.
You should only proceed if you have required documents as mentioned above. The Online Journey has to be completed in below steps.