59 Minute Loan
59 minutes loan
The 59 Minutes Loan initiative aims at automation of various processes to Loan Appraisal in such a way that you get an eligibility letter, In-principle Approval in less than 60 minutes and chooses the Bank that you may prefer to ease access to credit to smaller and micro enterprises. The Contactless Business Loans are currently provided for Value from INR 10 Lacs Up to INR 1 Cr. The Rate of Interest starts from 8% onwards. The Platform is directly connected to CGTMSE scheme.
Finance Minister Arun Jaitley has launched a web portal through which one can avail loans up to Rs 1 crore in just 59 minutes, In a bid to boost the credit availability to Micro, Small and Medium Enterprises (MSMEs).
Here are key features of the MSME 59 Minutes Loan plan:
1. MSMEs will be able to apply for loans from SIDBI and 5 PSU Banks — State Bank of India, Bank of Baroda, Punjab National Bank, Vijaya Bank, and Indian Bank.
2. MSMEs will be able to connect with banks without visiting the branch. There will be no human intervention until the sanction and or disbursement stage.
3. The portal will be using “sophisticated algorithms” to read and analyze data points from sources such as IT returns, GST data, bank statement etc.
4. MSMEs can also get loans up to Rs 2 crore without any collateral using this portal.
While applying for the 59 Minutes Loan, one will require:
1. GST Identification Number (GSTIN), GST User-ID & Password
2. Income Tax E Filing password & Date of Incorporation/ Birth OR ITR for latest 3 years in XML format
3. 6 Months Bank statement in PDF Format And Details of any prior loans
4. Director/Partner/Proprietor details: Basic, Personal, KYC, Educational details & ownership in the firm