The Union Finance Minister has introduced a digital platform for the MSME credit sector, allowing businesses to apply for MSME loans online in just 59 minutes at psbloansin59minutes.com. This centralized web portal provides in-principle approval for MSME financing of up to Rs. 1 crore within 59 minutes, supported by SIDBI and five major public sector banks (PSBs). Now, any eligible individual can apply for MSME business loans online with this rapid turnaround. This program modernizes and streamlines the entire funding acquisition process, making credit more accessible for entrepreneurs and MSMEs.
PSB 59 Minute Loan Scheme
The PSB 59-minute loan initiative is a specialized platform designed to provide fast, in-principle approval for various credit products. The scheme focuses on digitizing and automating the application workflow for Business Loans (including Term, Working Capital, and Mudra loans) as well as Retail Loans (Personal, Home, and Auto loans). Borrowers receive an in-principle approval letter in under an hour and retain the freedom to select their preferred lending institution.
This dedicated portal for MSMEs significantly cuts down the traditional loan processing time from nearly a month to less than an hour. Following the receipt of in-principle approval, the final loan disbursement typically occurs within 7 to 8 business days. Prime Minister Modi initially introduced this MSME support and outreach initiative on November 2, 2018, via video conference.
Apply Online for PSB MSME Business Loans
The central government, in partnership with SIDBI, has selected 20 banks to facilitate rapid MSME lending. Below is the step-by-step guide to registering and applying for these loans online:
STEP 1: Access the official portal at https://www.psbloansin59minutes.com/home
STEP 2: On the landing page, business owners must create an account by completing the sign-up form before proceeding with the loan application, as shown in the image below: