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On the eve of Diwali, Our Prime Minister Mr. Modi announced at the centre stage came up with several special announcements, mostly in the favor if the MSMEs. Mr. Narendra Modi, on 5th November gave Diwali Gift to the enterprises belonging to the MSME stature. Unveiling 12 different announcements, the Prime Minister took some major serious steps towards the growth of the MSMEs. Among those 12 major announcements, the 59 Minute Loan for MSMEs caught the major attention of the enterprises.
The 59 Minute Loan Scheme for MSMEs is a new initiative by the government, which aims to provide the Micro, Small and Medium scale enterprises with the facility to the option of a loan up to 1 crore within 59 minutes. Aiming to trim down the lengthy process of the loan process, the Prime Minister aims to offer a hassle free, and quick approval loan options to the MSMEs.
Here you will find some details of the 59 Minute Loan Scheme for MSMEs:
- The Loan amount disbursed will range from a minimum of 10 lacs up to 1 crore
- As per the new rules, the rate of interest at the 59 Minute Loan Scheme for MSMEs will kick start from as low as 8% per annum
- There’s off course no need of any collateral under the 59 Minute Loan Scheme for MSMEs
- With just a nominal fee of 1k plus applicable taxes, the borrower will receive an approval in principal after which the loan application will be processed within a week or 10 days.
Let’s take a look at the salient features of the 59 Minute Loan Scheme for MSMEs:
- Those firms which are registered under the FST, will avail a discount of 2% on the incremental loan of up to 1 crore
- The 59 Minute Loan Scheme for MSMEs is among 12 other announcements as made by Prime Minister
- The 59 Minute Loan Scheme for MSMEs is regarded as the Diwali gift for enterprises
- Interest subvention on pre and post-shipment credit for exports by Micro, Small and Medium Enterprises has been raised to 5% from 3%
The 59 Minute Loan Scheme for MSMEs involves the following steps:
- You need to visit the website psbloansin59minutes.com
- Complete the sign up process
- Fill in the details like your name, your email id and Contact number and get One time password at your given mobile number
- Enter the OTP arrived at your phone and check the box “I agree…” and click ‘Proceed’
- Answering few basic questions in the next step and select “I am a registered MSME and I agree with the above-selected point’ and click ‘Proceed’
- Fill in the FST Details like Number, Username and Password.
- Also, provide the XML format tax returns or login with the ITR Details like PAN and Date of incorporation
- Next, you need you upload the bank statements or else login through the net banking credentials
- Fill in the director’s details and other details like company’s address and proprietor’s details
- Mention the purpose of the loan and fill in details of any previous loans, you may have borrowed
- Now, make a selection of the bank, where the loan applicants will be provided with the options of several banks and the borrowers need to make the choice among those
- The last step involves the paying of convenience fees and applicable taxes, which accounts to slightly more than 1k
- Download the approval letter, and here conclude your process of the 59 Minute Loan Scheme for MSMEs
While, announcing this special gift to the enterprises belonging to MSMEs, here were the exact words by our beloved Prime Minister:
“I dedicate 59 minute loan approval portal to you & it has started benefiting the MSMEs businessmen already: PM Modi at the launch event of the Union Government’s Support and Outreach Initiative for Micro, Small and Medium Enterprises (MSMEs).”
“As we speak, somewhere in the country your entrepreneurial brother or sister is getting a loan… sanctioned in just 59 minutes,” PM Modi said. “Think, only 59 minutes. Just 59 minutes.”
He further mentioned “These 12 decisions are not just Diwali gifts for MSMEs but will also herald a new age and new chapter for small enterprises,”
The 59 Minute Loan Scheme for MSMEs is indeed a special for Micro, Small and Medium Enterprises! Things are likely to take a new turn with this scheme and will surely pave a way toward the growth of the MSMEs.