MSME Business Loan (Upto 1 Crore) in 59 Minutes – Apply Online

MSME Business Loan (Upto 1 Crore) in 59 Minutes – Apply Online

Recently, Finance Minister, Mr. Arun Jaitley launched a unique portal that claims to provide Loan of Upto Rs. 1 Crore in 59 Minutes to MSME’s. This Loan will be provided by SIDBI and 5 Other Banks (SBI, Bank of Baroda, PNB, Indian Bank, Vijaya Bank). The Aim of this Scheme is to Boost Credit Availability to Micro, Small & Medium Enterprises (MSMEs). In this Article, I am explaining the Process using which you can Apply Online for 59 Minutes Loan Approval scheme. Before Explaining the Procedure to Fill the Online Application form, there are few aspects that you should be aware of.

MSME Business Loan Scheme 2018 – 59 Minutes Approval

Here are the Key Features of this New MSME Business Loan Scheme –

  • Total 6 Banks are Participating, these are – SIDBI, SBI, PNB, BOB, Indian Bank & Vijaya Bank
  • Under this 59 Minutes Business Loan Approval Scheme, MSMEs need not to Visit any Bank Branch. The Application submission will be totally online. There will no human intervention until the sanction or disbursement stage
  • The Official Portal that has been set up to entertain the applications from MSMEs is capable of analyzing the MSME data through complex  algorithms

MSME 59 Minutes Business Loan – Requirements

Before filling the online application form, Keep these Handy:

  • GST Number (GSTIN), GST Portal Login and Password
  • Last Three Years ITR in XML Format along with Income tax Portal Login Details
  • Current Account
  • Internet Banking Login Details
  • Details of Director, Partner,Proprietor (Basic Details, Educational Details, KYC)
  • Convenience Fee of Rs. 1000 + GST | MSME 59 Minutes Loan Scheme Official Portal

The name of the Official Portal/Website that has been set up to facilitate the online application submission is Using this Portal, one can submit his application form totally online. Now, let’s find out how to Apply Online.

MSME Business Loan in 59 Minutes- Apply Online | Application Form

  • First of All, Visit the Official Website i.e.
  • Complete the Registration First, by Filling in the Details

MSME 59 minutes Loan - Apply Online

  • Enter the OTP received on the Provided Number to Complete the Registration process
  • Then, you will be asked to Set “New Password”

MSME 59 minutes Loan Scheme Registration Step

  • After this, you are All set to Fill in the MSME Business Loan Application Form. There are Four steps Involved in this Process:

“Provide Your Data”, “Select Banking Partners”, “Get Approval”, “Loan Approved”

59 Minutes Loan Approval Scheme Procedure

  • In the “Provide your Data” Section, you will have to Provide GST, Income Tax, Internet Banking Details
  • Second Section, “Select Banking Partners” Gives you the Option to Select the Bank of your Choice Depending on the Interest Rate they are Offering

MSME Business Loan Scheme 2018

  • Once you have selected, You will be taken to Convenience Fee Payment Page

New MSME Business Loan Scheme

  • After the Payment, You will see the Approval Message

MSME Business Loan 2018 online Approval in 59 Minutes

  • Click on “Download” to Download the Details of the Approval. You can also Download the Approval letter.

That’s it! In these Simple Steps, You will be able to Get Loan within 59 Minutes. Need More Assistance? Watch this Video:

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