Mr. Narendra Modi, PM of India launched a portal to ease of issuing credit to MSME businesses. It was understood that the Loan issuance is one of 12 point program in raising the ease of doing business in India.
The Initiative
The initiative aims at automation of various processes to Loan Appraisal in such away that you get an eligibility letter, in principal Approval in less than 60 minutes and chooses the Bank that you may prefer to ease access to credit to smaller and micro enterprises. The contact less Business Loans are currently provided for Value from Rs. 10 Lacs up to Rs. 1 Crore. The Rate of Interest starts from 8% onwards Collateral Coverage is not Mandatory as the Platform is directly connected to CGTMSE scheme.
The Process
- Provide GSTN Number of your business
- Upload Income Tax Returns
- Upload Bank statement for last 6 months
- Provide Director or Owners details such as personal, educational & ownership details
- Upon submission, it is expected to receive an in principle approval under 59 minutes.
How to Apply ?
Visit https://www.psbloansin59minutes.com
The Loan Disbursement
It was understood that the loan disbursement will be from the selected bank and is in electronic form. The disbursement is not expected to be with in the 59 minutes but it is after proper due-diligence of your business.
The Incentive
The incentive is to get a 2% reduction from the prevailing market interest rates as long as you have filed your GST Returns promptly and all things are in order.
How Long
The program is expected to lost for next 100 days, if you haven’t had the GST Registration done, please check with EZTax.in or call @ +91 7288 900 900 or Whatsapp to get the process started quickly.
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