Now applying for the loan has become more easy and convenient for all MSME traders and the one who wishes to start a new business in just 59 minutes you can avail a loan for up to INR.1 crore starting from INR 20 lakhs in a hassle-free way at click on government recognized portal psbloansin59minutes. An initiative by Prime Minister OF India Shri. Narendra Modi, which is a Historic support and Outreach Initiative for MSME sector to revolutionize in Ease Of Doing Business for all small trader.
PM. Narendra Modi also unveils 12 key initiatives for growth and expansion in Ease of Doing Business and also mention the rise of Ease of Doing Business Ranking from 142 to 77 in 4 years with the major announcement for the betterment of MSMEs sector.
There are 5 key aspects of facilitating the MSMEs factor. This includes access to credit, access to the market, technology up gradation, ease of doing business and sense of security of employees in New India where one didn’t need to regularly visit Bank repeatedly said by Finance Minister Ms. Arun Jateily.
The major announcement made by the Prime Minister on Access to Credit was launching 59 minutes loan portal in easy access to credit for all MSMEs traders. An in-principal approval will be granted through this portal in just 59 minutes without paying an extra charge of Registration. Link to the portal is available on GST portal. The platform is directly connected to CGTMSE scheme.
On his second announcement, he mentions 2% interest subvention for all GST registered MSMEs and increase in an interest rebate from 3% to 5% for all exporters who receive a loan in the pre-shipment and post-shipment period.
The third announcement made was for all companies with the turnover of more than 500 crores to be compulsory brought under Trade Receivables e-Discounting System (TReDS) which will resolve the problem of cash cycle by easy access to credit from the bank for their upcoming Receivables.
No registration fee required to apply for loan anyone can easily apply for the loan in just 59 minutes. For existence Business Borrower should be GST, IT complain and must have six months Bank statement Facility. Eligibility to the loan is determined by the Income/Revenue, Repayment capacity, Existing Credit Facilities and any other factors as set by lenders.
In- Approval receipt would be generated in 59 minutes after successful registration into the portal and uploading necessary documentation as required to access to credit which includes GST Identification number, Income Return in XML format, Bank statement for last six months in pdf format and Director/owner details: Basic, Personal, Educational and ownership details and after successful registration in-approval receipt will be generated in 59 minutes and after successful verification of document loan will granted within 5-7 working days from any selected partner Bank as chosen by you during registration at a Rate of interest starting from 8%onwards .
No Collateral required to access the loan, anybody can access to credit under CGTMSE scheme. Link to the portal is available on MSME samadhan, GST portal, Aadhar, Gem – Government e-marketplace, Pradhan Mantri Mudra Yojna, and Udyami Mitra-Empowering MSME. The loan can be avail from any partner bank they wish to avail from.