In this guide we let you know about what is the psbloansin59minutes and how to apply for a loan. The government of India is offering many schemes related to loan so people can get a loan on low-interest rates or without interest rates and now government launched a new portal that makes it possible for interested candidates to apply for a loan in just 59 minutes. You can apply for this loan under the MSME schemes, MSME (Micro, Small and Medium Enterprises) which is regulated by the Central Government through the Ministry of Corporate Affairs. This article talks about the and how to apply for this.

What is and How to Apply for Loan

What is is an online portal which is providing loans facility by the public sector banks, and you can apply for the loan through this online portal that is Finance Minister of India launches this portal, and he aims to reduce the time for getting a loan from public sector banks. This portal sets a new benchmark in loan processing and reduces the turnaround time from 20 days to just 59 minutes that is a huge difference. After applying for a loan, the loan will be disbursed in 7-8 working days, and during applying for the loan, there is no requirement of physical documents. So if you are registered with MSME then you avail this opportunity, if you are not registered under MSME, then you can apply for this through Udyog Aadhar Memorandum. Udyog Aadhar is a unique digit number which is allotted by the Ministry of MSME, and it will give you many benefits from the government schemes. You can apply for this through online mode, and it does not require any documents.

Key Features

  • MSMEs can apply for this loan, and they can apply for a loan from SIDBI and 5 PSU banks- SBI, Banks of Baroda, Vijaya Bank, Indian Banks, and Punjab national bank.
  • This loan facility will provide encouragement and financial assistant to the MSMEs, this loan facility will reduce the time, and they can easily get the loan so it will give them encouragement and financial assistant.
  • MSMEs will get the loan without visiting the branch, so this is huge relief for them, this will save their time, and it is providing loan in just 59 minutes that is huge difference from prior loan facilities so this is time-saving scheme, and there will be no human intervention as this is online portal schemes so there will be no human intervention until the sanctioning and or disbursement stage.
  • MSME does will get the loan money in their bank account directly, and the bank will transfer the money in 7-8 days from successful submission of loan application.
  • MSMEs will get the subsidy in the loan amount, and they will get a subsidy in interest rates it will depend upon the business category.
  • MSMEs will get a loan of 1 crore rupees. Limit of the loan amount is one crore rupees, one can apply for one crore rupees loan so this is a big amount, and they will get on subsidized interest rates.
  • This scheme is available for both new MSME and old running MSME, and both can avail benefits from this scheme.

How to Apply for a Loan?

  • First, you have to visit the online portal that is
  • Then you have to sign up on above link
  • Then you have to fill your form, have to fill the required details
  • Then you have to enter your id, and mobile number then you will get an OTP on your name Then you have to enter that OTP
  • Then you have to enter all required details like GST, Income tax and other details.
  • Then you can submit your loan application.
  • You have to attach some documents like GST verification, IT verification, Bank Documents, and other documents.


If you are registered under MSME, and if you are not registered under MSME then you have to register under MSME then you can only get loan from this scheme, so first you have to do your registration under MSME, you can apply for Udyog Aadhar Memorandum this is registration form of MSME and you can see in above article that this loan facility will provide you loan in just 59 minutes and you can get loan of 1 crore rupees so if you are running an MSME or want to open an MSME then you can apply for loan from psbloansin59minutes and process of applying loan is also easy so you will get loan easily.