How to Get a Loan for Your Business in Less Than 60 Minutes?

. 7 min read
How to Get a Loan for Your Business in Less Than 60 Minutes?

Prime Minister of India, Mr. Narendra Modi revealed a special Diwali present for MSMEs (Micro, Small and Medium Enterprises) of the country on the 2nd of Nov, 2018. The Government of India has launched a high-speed portal for entities trying to extend their current business by opting for business loans. Under this framework, MSMEs will collect loans from any public or private sector banks (PSB) and non-banking financial companies (NBFCs) from rupees 1 L to 5 Cr within 60 minutes.

Loan within an Hour, What are PSB Loans?

PSB Loans within an hour provides a web-based solution for helping out the individuals who own a business by offering corporate lending at a rate of interest of eight and a half percent. By compressing the loan application process and huge delays at the bank, this step was launched to support the Micro, Small, and Medium Enterprises sector and boost entrepreneurship. The intention behind such credit offering is to favour a loan within 60 minutes. The provision reduces the long and tiring approval process. Earlier the entire process can extend up to a period of nearly 30 days, and now after its confirmation, the amount is dispersed in 1 week time.

PSB Loan within an Hour, Eligibility Requirements

The creditor must have a login Id for the website and GST and IT compliant while operating an already established business. Creditors should also possess past 6 months of bank statements.

Before you apply for a business loan for PSB loans within an hour, know your eligibility regarding the following:

  • Revenue
  • Borrower's Repayment Potential
  • Established facilities with credit
  • Other variables identified by the Financial Lender

Advantages and Loan Features

Loan amount ranging between rupees 1 Lakh and 5 Crore, PSB loans within an hour enable all business owners to get a loan amount ranging between Rs 1 Lakh and Rs 5 Crore. Any small or large business requirement could be easily met with the loan amount listed.

1. Interest rate

The interest rate for a PSB loan begins from eight and a half percent onwards.

2. Minimal paperwork

The whole procedure of receiving a small business loan for MSMEs is projected to become incredibly fast and squabble-free with PSB loans with minimal paperwork.

3. Loans with innovative technologies

PSB loans within an hour, till their approval or allocation, are processed without user involvement. The research process is conducted from the different origins of the financial profile of the credit borrower.

4. Apply at numerous banks

For loan borrowers who may apply for a small business loan several times in one go, PSB loans within an hour offer a simple mechanism.

5. Secure and convenient

The portal recognises the confidentiality of the borrowers' data submitted for the loan. The candidates' full data is protected and stable with the greatest order of encryption.

6. Govt Convergence Amenities

PSB loans within an hour are combined with new services such as IT Return, Goods and Services Tax, Bank Statement. The latest services help the applicant to make loan application arrangements.

Businessman takes bag of money from another businessman against blue background

Required Documents for Applying for an MSME or Business Loans from PSB

Check the following documentation needed to apply for PSB loans within an hour:

  • Details of GST: GST Number (GSTIN) and Name of GST Customer.
  • Income Tax Details: Past 3 years ITR (XML format)
  • Bank Statement in PDF format for the last 6 months - For a limit of 3 bank accounts, the loan borrower will send a bank statement to the portal. Uploading the bank statement with the main bank operations is preferable.
  • Information regarding the preferred loan is required
  • Information concerning proprietorship or partners or directors are required
  • Applicant's E-KYC documents are required.

Registration Steps to Follow for PSB Loans within an Hour

  • Go to the online site for PSB Loan @ and click on register.
  • For registering, you need to fill in your details such as name, e-mail, mobile number. Through mobile number, you will receive your OTP.
  • Once you receive your OTP over your phone, enter the same to finish the step.
  • Comply with the specified set of service rules in the check-box.
  • After entering all the needed details, click on 'Proceed'.
  • For future usage, generate a password for your account

Online Application Steps to Follow to Getting Approval within an Hour

  • First, use your user name and password to login to your profile.
  • Select Business or MSME loan as your profile and proceed further.
  • The next step is to create a profile and enter the business PAN card details and proceed further.
  • Add in details of your GST, XML formatted tax returns and pdf formatted bank statement for the recent 6 months.
  • Submit your ITR, add the information needed and press 'Proceed'.
  • Submit the information of your bank and press 'Proceed'.
  • Address your company information as required and any pending loan details.
  • To confirm your e-mail account, enter the OTP.
  • Choose the bank & branch that you want to take out the PSB loan.
  • You must therefore obtain approval in principle from the selected bank.
a man is filling a loan application form in desktop computer over a wooden table

Things to keep in Mind

  • The credit amount ranges between rupees 1 Lakh and 5 Crore.
  • PSB Loan within an hour Interest rate begins at 8.50 percent.
  • It requires 59 minutes to approve the loan; shortened from 20 to 25 days.
  • The loan amount requires 7 to 8 business days to be distributed following the loan approval.
  • The loan is administered before the approval till payment period without human involvement.

Also read:

1) What is a business loan? How to apply for a business loan?
2) How To Get Small Business Loan From Government?
3) 7 Different Types of Loans for Your Small Business
4) Which Are the Different Types of Loans in India?


Q. What are PSB loans within an hour?

Ans. is an online platform launched by the Indian Government to grant MSMEs with business loans in a method that can authorise loan applications in 59 minutes.

Q. Is it possible to get a home or personal loan from PSB Loan?

Ans. It is absolutely possible to get a home or personal loan from PSB Loan. The interest rate and credit sum would be based on the individual's monthly salary, repayment background, etc.

Q. What is the minimum and maximum loan number that can be lent via the PSB portal?

Ans. The credit sum begins at rupees 1 Lakh and has a max bracket of rupees 5 Crore.

Q. What do MSME loans mean?

Ans. MSME refers to Micro and Small Medium Enterprises owned by businessmen. MSME loans are a form of loan granted to entrepreneurs and business people who might request a loan to expand their current businesses.

Q. Will the creditor need to offer PSB loan collateral?

Ans. For applicants, it is not needed to provide collateral for PSB loans.

Q. For such a loan, what is the processing time?

Ans. It requires a week of work for to release funds following the acceptance of the forwarding application.

Q. How to contact PSB Loans?

Ans. may be reached by calling +1800 103 7491 (toll-free number), 079-41055999 or by e-mailing them at for any questions relating to small business loans.

Q. What is the application process for PSB loans?

Ans. One should apply to for someone who wants to grow their current business. With the basic info, register yourself. After you have entered your profile, accompanied by GST information, financial accounts, bank details, and credit intent, a series of simple questions will be answered. The final step will be a listing of the banks who have fit the profile. If accepted, you can choose the bank and continue with the loan application.

Q. Is there a need for registration fees?

Ans. There are no application fees during the entire process.

Q. How do I monitor my application status?

Ans. Visit to confirm your loan application progress.