Our Prime Minister Mr. Narendra Modi has announced instant MSME loan in 59 minutes through a dedicated online platform. This will help the businessman to secure a loan up to Rs. 1 crore in just 59 minutes. This will ensure that an industry will get sufficient funding without any lengthy approval process.
Features of the MSME loan in 59 minutes
- The loan amount will be minimum Rs. 10 lakhs and up to Rs. 1 crore
- Interest rate starts at 8%
- No collateral required as it is directly connected to Credit Guarantee Fund Trust
- The loan will be disbursed within a week from principle approval
- Application charges: Rs. 1000 + taxes
Documents required for applying for MSME loan in 59 minutes
- Income tax return of last 3 years needs to be submitted
- Digital e-KYC needs to be uploaded
- Last six months bank statement
- GST username and password
- Ownership document
Prerequisite for applying for MSME Loan
Before applying for MSME loan, you need to ensure that you have below details and necessary soft copies handy.
- Income tax returns in XML format OR your PAN number and date of incorporation
- GST identification number + username and password
- Last six month’s bank statement in PDF format
- Details of directors and owners
- Ownership details and documents in soft copy
These are just initial documents for principle approval. Bank may ask for further clarification and documents before sanctioning your loan. The bank may check your MSME CIBIL score before final approval.
How to apply for MSME loan in 59 minutes?
Here is a step by step guide on how to apply for MSME loan.
- Go to this official website
- Sign up using your name, email address, mobile number
- Click on “Get OTP” You will get an OTP
- Enter the OTP you have received
- Click on “I Agree: checkbox
- Click on proceed
- On the next screen, you will have to answer 4 simple questions to proceed further
- Then after you will be asked to enter the GST details like GST number, username & password
- Once you are done, next you have to enter the income tax details
- You are asked to upload your bank statement for the last six months
- Once you are done with these basic things, you need to provide the justification for applying for this loan
- On the next screen, select the bank from which you want to take the loan
- Pay the application charges of Rs. 1000 + GST
Once this is done, you can download your loan approval letter from the portal. The bank will do its due diligence and disbursed the loan within a week.