PSBLoansin59minutes.com
The Finance Minister announced the transformative initiative in MSME credit space up to Rs 1 Crore within 59 minutes. SIDBI in consortium with PSB banks has come out with a web portal called www.psbloansin59mintes.com here the existing units as well as new units can go to the web portal and apply for credit facilities for Rs 1 lac to Rs 100 lacs online.
The requirement for online registration is of businesses GSTIN, details regarding IT returns in XML format and bank statement in PDF form for last 6 months. This platform is integrated with GST and ITR portals from where the data is accessed for processing the proposal. Once the required data is entered the system will process the proposal with reference to bench mark for approving the proposals and would come out with in-principle sanction within a period of 59 minutes without any human intervention