Loans in minutes is not a myth: expand your business with psbloansin59minutes

Hello Friends !

 

Welcome you all to my blog "Banker For You".

 

Friends, this article is going to be the game changer of your life and business if you read it carefully.

 

Many a times it happens that you want to expend you existing business but due to shortage of capital you couldn't. Friends as you know my blog gives the latest and beneficial information about the banking which can be very useful for you ,on following the same today I discuss about the most efficient loan scheme by Government of India for the benefit of existing and proposes MSME units.

 

 

During “PSB Manthan” held on November 11-12, 2017 at Gurgaon, one of the action point was “Development and Adoption of contactless lending platform for MSE loans”, under the leadership of SIDBI along with partner Public Sector Banks (PSBs).

 

The objective of this thinking is To have uniform product & credit model which process the MSE loan application without any manual intervention and give in principle sanction within few minutes which in turn ease and increase credit flow to MSEs.

 

Small Industries Development Bank of India (SIDBI) in consortium with SBI, BOB, PNB, Vijaya Bank and Indian Bank has taken up the initiative to develop the contactless MSE portal in collaboration with Fintech Company M/s Capita World Platform Pvt. Ltd. Which offers its services to investor banks and other public sector banks on commercial terms.

 

Here a new word comes into exist that is Contactless loan.

 

What is Contactless Loan?

 

Contactless loans in simple terms imply using machine based learning and analytics solutions to capture automatically information from credit bureaus, UIDAI, GST, ITR etc. and read complex balance sheets, IT returns and bank statements and benchmark parameters fixed by the Bank for the products in a very short time and give in principle sanction within 25-30 minutes which in turn reduce the TAT (Turn Around Time) of MSE loan process and quick disposal of MSE loans.

 

How to apply for PSB loan in 59 minutes?

 

Here I will tell you the step by step process to apply for the loan for your business.

 

Step-1 

 

Register in “psbloansin59minutes” portal using the mobile number and E-Mail id. OTP is sent to the registered mobile number which needs to be validated and new password need to be set.
Registration must be done in the name of the business firm or individual as the case may be.

 

Step-2

 

You need to provide basic consent on whether they are Registered with GST/Regular in filing GST and ITR return/Not defaulted in loan Repayment/Not taken any Loan in past by ticking Yes/ NO.

 

Step-3

 

You need to (a) Enter GST number and GST credentials, (b) Upload Income tax returns for three years in XML/PDF format as downloaded from IT e-filing site OR enter ITR credentials, (c) Upload six month bank statement of most active account which is either received from Bank or downloaded via Net Banking in PDF format. (d) Enter required information on Aadhar card No., Financial arrangement, etc. based on the details provided by you & fetched from various data sources i.e. GST/ITR/Bank Statement, bureau/CIBIL check would be done for the borrowers as well as the entity.

 

Step-4

 

Post successful check, You need to select the branch where the proposal should be submitted.

 

Step-5

 

You would be provided In-Principal Approval letter which can be downloaded and sent to the email id registered (OTP would be sent to E-Mail which need to be validated).

 

Step-6

 

Once the applicant gets In principle approval, You have to visit the Branch along with physical documents for verification at Branch.

 

Eligible amount for processing through PSB portal: Aggregate credit limit of above Rs.10 lakh and up to Rs. 100 lakh proposals are to be processed through portal.

 

Friends, When you submit the application through, it will show you the in principle approval based on verification of your documents by the portal. Once you receive the in principle approval letter, the concerned bank branch will contact you. You need to submit the hard copy of all documents to the Bank Branch for their verification. 

 

The Bank will also carry the due diligence of your business and once the bank satisfied they will sanction the loan to you.

 

As per the RBI norms, No collateral security is required for the loan up to Rs.10 Lakhs to MSME.

 

The loan up to Rs.200 Lakhs can be covered under CGTMSE but it depend in your credit worthiness and bank's decision.

 

If you have not registered your business in MSME then hurry up . Registered your business with with MSME.

 

Now all the MSME loan proposal of the Bank compulsorily to be routed through the psbloansin59minutes.

 

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