About this scheme
PSB Loans in 59 Minutes is a fintech platform (psbloansin59minutes.com) that pre-evaluates MSME loan applications against multiple PSU bank algorithms. Provides in-principle approval letter in 59 minutes that any participating bank honours.
What you get
- In-principle approval in 59 minutes
- Loan amount Rs. 1 lakh to Rs. 5 Cr
- Choose from multiple participating PSU banks
- Interest rate 8.25%-12.5% (varies by bank, profile)
- No collateral required up to Rs. 10 lakh (CGTMSE)
- Final disbursement: 7-15 days after branch visit
Who qualifies
Existing MSMEs with GST registration, minimum 12 months of GST filing history, and IT returns for at least 1 year. Outstanding loans must be standard.
All industries qualify (no NIC restriction).
Business types
ProprietorshipsPartnershipsPrivate LimitedLLPsOne Person Companies
Available across India (central scheme).
How to apply
- 1Register on psbloansin59minutes.com
- 2Auto-pull GST data, ITR, bank statements (with consent)
- 3Platform evaluates with multiple bank algorithms
- 4In-principle approval letter in 59 minutes
- 5Visit branch of chosen bank with documents
- 6Branch sanctions + disburses (7-15 days)
Key terms and conditions
- In-principle approval is non-binding — branch can re-evaluate
- Multi-bank platform — choose best rate
- Fee for premium plans (basic is free)
- Annual review at lending bank
What disqualifies you
- GST defaulters rejected
- CIBIL below 700 typically rejected
- New businesses (under 12 months) ineligible
Documents typically required
- GST returns (12 months)
- ITR (2 years)
- Bank statement (6 months)
- Udyam registration
The content above is compiled from public information published by the scheme authority. Eligibility, benefits, and procedures are subject to change. Confirm details directly with the official portal before applying. BharatSeal does not process scheme applications.