PSB loans in 59 minutes is a significantinitiative by the Small Industries Development Bank of India, the primary regulatory body of all MSME financing & micro-financing institutions across India. SIDBI’s initiative allows businesses in the micro, small and medium enterprise sectors to avail of business loans in 59 minutes through a convenient online portal. It is akin to a corporate debt marketplace where MSMEs can choose from various business loan schemes.

PSB Loans in 59 Minutes

SIDBI’s PSB loan scheme, within 59 minutes, helps small & medium enterprises to avail business loans from public sector banks, private sector banks, and NBFCs. The key idea behind the development of the PSBloansin59minutes platform had its seed in the obstacles faced by MSMEs in availing finances from banking services.

The PSB loan platform helps businesses skip the tedious application, documentation, and verification processes. Powered by cutting-edge technologies such as AI and machine learning, the online platform helps businesses avail a wide variety of financing options from public & private sector banks, non-banking financing & micro-financing institutions.

PSB 59 Scheme

The PSB59 Scheme enables easy disbursal loans from public and private banks & NBFCs to self-employed individuals and micro, small and medium enterprises. SIDBI’s PSB 59 minutes scheme is a government-backed initiative that allows small-scale businesses to access various flexible financing options easily.

Simple eligibility criteria, a unified online portal, and quick loan approval within 59 minutes make the PSB loan scheme one of the most practical ways for small and medium enterprises to get a loan.

  • Loan amounts range between Rs. 1 lakh to Rs. 5 crore
  • Interest rates begin from 8.5%
  • The completely automated loan application process
  • Loans approved in less than an hour
  • Varied finance offerings are available such as working capital loans & term loans, auto loans, personal loans, home loans, etc.
  • Collateral-free loan under CGTMSE coverage

What are PSB Loans in 59 minutes?

As you may have already realised, PSB loans in 59 minutes is an online debt financing platform and marketplace for businesses in the MSME sector & self-employed individuals. Businesses can avail of loan amounts between 1 lakh & 5 crores. Nominal interest rates of 8.5% and a swift loan approval process, which bypasses all associated red tape, make it easy for MSMEs and business people to avail of varied financing options.

Approvals occur in 59 minutes, and loans are disbursed within seven to eight days from private & public sector banks and non-banking financial institutions.

Launch Details of PSB Loans

The then Finance Minister of India, Late Shree Arun Jaitley, inaugurated the PSB loans in the 59 minutes portal in 2018. It is an online marketplace for small & medium businesses and individual needs.

The PSB scheme’s official URL is Launched under the auspices of the Ministry of Finance & the Small Industries Development Bank of India, the PSB loans in 59 minutes scheme’s primary target is up & coming entrepreneurs and MSMEs.

Features and Benefits of PSB Loans in 59 Minutes

Here’s a look at the most prominent features & benefits of the Indian Government’s PSB loans in 59 minutes.

  • Loan amount: The PSB 59 loan amounts start from Rs 1 Lakh to Rs 5 Crore. This enables different kinds of businesses to meet different financing requirements easily.
  • Variety of loan products: Businesses can avail of term loans, working capital loans, MSME loans, and MUDRA loans, while individuals can apply for home, auto, or personal loans.
  • Attractive Interest Rates: The interest rate for PSB loans start from 8.50% per annum, making this business loan quite affordable for MSMEs and individuals. Interest rates may vary across banks & financing institutions and as per the borrower’s creditworthiness, ratings & history.
  • Minimal documentation: The required documents for availing of PSB Loans in 59 minutes are minimal, including business incorporation proof, personal identity proof, bank statements, income tax returns & GST details. This makes the loan approval process quick & hassle-free and ensures quick turnaround time.
  • Advanced Technology Backed Platform: The PSB 59 loan portal employs potent, advanced technologies such as Artificial Intelligence & Machine Learning to automate the entire process. From choosing an appropriate loan product to document submissions, sanctioning, disbursal, and subsequent monitoring, the entire process is digital and involves minimal human intervention. PSB loans in 59 minutes are one of India’s first advanced technology-backed loan platforms.
  • Multiple Banking Partners: PSB Loans in 59 minutes scheme has 21+ public sector & private sector banks and non-banking financial institutions as partners.
  • Safe & Secure: Advance technologies ensure all information that applicants share is stored & used safely and soundly with the highest level of encryption. Any information anyone shares on the official website of the PSB loans in the 59 minutes scheme lies safe and secure.
  • Associations With Other Government facilities: The PSB59 scheme is regulated by SIDBI & the Ministry of Finance, with government facilities like CGTMSE & PMMY and the Income Tax & GST departments. This ensures faster approval and availability of collateral-free loan options.
  • Wide Variety of Loan Products: The PSB Loans in 59 minutes platform offers business loans to MSMEs & self-employed individuals for a variety of various purposes. These include business expansion, equipment & machinery purchase, meeting working capital requirements, liquidity needs, developing infrastructure, upgrading technologies, purchasing inventories and/or raw materials, scaling up & expanding operations, increasing and diversifying product & service portfolio, and any other kind of business need.
  • Loans For Individual Needs-Alongside business or MSME Loan, the PSB digital platform also offers personal loans, home loans, auto loans, etc., which are also available under PSB Loans under 59 minutes. Individuals looking to avail can fill in the appropriate digital application form on the portal, and upload bank details, mobile number, credit information report, and all necessary information/documentation.
  • A Unique & Convenient Platform – Borrowers can browse through a wide variety of loan products from multiple banks & lenders at one go and choose one that suits them the best. The system and operations are all in sync with the banking process in the Indian & global finance market.

Advantages of PSB loans in 59 minutes

The benefits of PSB loans are quite significant, as evident from the points below:

  • Lenders provide an in-principle approval letter to entrepreneurs and personal loan seekers. Borrowers who receive in principle approval from lenders have better chances of acquiring favourable loan approvals.
  • The entire loan approval process is very simplified, requiring minimal documentation. This makes it easy for business owners unfamiliar with the overtly intricate & extensive traditional loan approval process.
  • The PSB loans in 59 minutes scheme played a crucial role in extending credit facilities to the needy & troubled sectors of the economy during the Covid-19 pandemic. Businesses were able to sustain themselves, and new employment opportunities were created.
  • Like the Start-Up India & PMMY MUDRA scheme, this central government scheme is helping small business owners turn their dream into reality by actively extending credit financing to the MSME sector. Growth & expansion, maintaining working capital, making new investments, buying new equipment– the PSB business loan scheme is tailored to help a business rise.
  • Designed & developed in tune with international banking & financing standards, the PSB loans in 59 minutes boost the competitive nature of the Indian economy & industries in the global market.
  • The easy availability of credit financing through PSB loans has made it possible for start-ups & MSMEs to strive and compete against business giants such as Amazon, Flipkart, Reliance. and the like.

How to Register with PSB Loans in 59 Minutes?

Following are the steps for registering with the PSB loans in 59 minutes scheme:

Step 1: Visit the official website and click ‘Apply Now.

Step 2: Create a loan applicant profile by entering your name, email address, and your mobile number, and then click on ‘Get OTP’.

Step 3: Wait for the OTP to arrive on your registered mobile number.

Step 4: Enter it and then check & click the Terms & Conditions checkbox to agree with them.

Step 5: Check all the displayed columns and click ‘Proceed’.

Step 6: Create a new password for your registered account for future reference.

Eligibility and Documents for PSB Loans in 59 Minutes

Businesses in the micro, small or medium industry are eligible for this scheme. Minimum documentation is necessary for getting loan approval. Here’s a look at the documents required:

  • The duly-filled loan application form
  • GST details, including user name and the GST Identification Number (GSTIN)
  • Income tax details, including income tax returns of the last 3 years in XML format
  • You need to upload bank statements for the last six months and a minimum of 3 month’s bank statement
  • Business ownership details such as sole proprietorship details, partnership deeds, etc.
  • Electronic KYC Documents

Loan Application Process for PSB Loans in 59 Minutes

Quick turnaround time and hassle-free loan application within an hour are the key features of this scheme. The entire application process is straightforward & comprises the following steps:

  • Step 1: After registration, applicants have to answer several multiple-choice questions regarding the purpose of their loan, credit history, and the like. They will then have to provide their GST registration and ITR details in appropriate formats.
  • Step 2: Next comes the submission of 3 to six months’ bank statements, business ownership or shareholding details, and existing business incorporation & establishment details.
  • Step 3: After that, you will have to provide details regarding the purpose behind taking the loan and other available loan facilities.
  • Step 4: The loan applicant then has to select their lending partner. They can choose based on the type of loan product, interest rates, facilities, tenures, processing fees, collateral needs, etc.
  • Step 5: Finally, business loan applicants must pay a service charge of Rs. 1000 + GST and then download the approval letter. The loan application process is now completed, and borrowers will have to wait for further communication from their lenders.

How can I get a PSB loan in 59 minutes?

The overall business loan approval process through the PSB 59 scheme is quite simple.

  • If you meet the eligibility criteria, then visit the official website and register on the online portal.
  • Upload bank account details, existing business details, ownership details, ITR and GST details such as GST identification number in the required format
  • Mention the purpose behind taking out the loan and any existing loan.
  • Choose the lending institution and the loan required. The PSB 59 online portal provides businesses & individuals access to multiple lenders.
  • While there is no registration fee, you have to pay Rs. 1000 + taxes as convenience charges.
  • The loan sanctioning process is now over. Please wait for further communication from your chosen lender regarding the loans sanctioned and disbursal within 7 to 8 days.

List of Banks participating in 59 minutes PSB Loan Scheme

Major public and private sector banks have partnered with the Central Government for this scheme. The most prominent ones among them are:

  • State Bank Of India
  • Central Bank of India
  • Punjab National Bank
  • Yes Bank
  • Union Bank of India
  • Indian Overseas Bank
  • IndusInd bank
  • Kotak Mahindra Bank
  • ICICI Bank
  • UCO Bank
  • Federal Bank
  • IDBI Bank
  • IDFC Bank
  • Bank of Baroda
  • Punjab & Sind Bank
  • Canara Bank
  • Bank of India
  • Indian Bank
  • Bank of Maharashtra
  • Saraswat Bank


What is the loan amount in PSB in 59 minutes?

The loan amount ranges between Rs. 1 lakh to Rs. 5 crores

Who are eligible for availing of 59 mins loan?

Any business in the micro, small and medium enterprises sector, self-employed business person, or employed individual can opt for PSB59 loans.

What are the two main documents required for PSB loans in 59 minutes?

GST details and Income tax returns details are two primary documents necessary.

Do I need to pay any charges towards availing PSB Loan?

No, there are no registration fees, but there will be a predefined processing charge for availing of this loan scheme.

How can PSB Loans in 59 minutes be contacted?

Visit the official website of PSB loan.

What minimum loan amount can be availed as business loans under this scheme?

Rs. 1 lakh is the minimum amount that can be availed for business loans.

What is the maximum amount of home loan that can be sanctioned to an individual under this loan?

The maximum loan amount that can be sanctioned for a home loan is Rs. 10 crores.

What is the duration in which PSB loans in 59 minutes can be disbursed?

It takes approximately seven to eight days for the PSB loan to be disbursed.

Does the borrower need to provide collateral for PSB loans?

No collateral is needed if the CGTMSE covers the loan.

What if I do not have GST/IT Returns/Bank Statements details?

GST details, income tax returns, and the last six month’s bank statements are a must for availing of PSB loans in 59 minutes.