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The MSMEs (micro, small, and medium enterprises) sector is the backbone of the Indian economy. Yet, such businesses often face difficulty in getting affordable loans to keep the operations running smoothly.<\/p>\n\n\n\n
Thus, to make business finance more accessible to MSMEs, the central government launched the Public sector bank loans(PSB) portal in 2018. It\u2019s an initiative that provides borrowers with quick and timely loans from public and private lending institutions and NBFCs. To know more about these loans, read ahead.<\/p>\n\n\n\n
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The Government of India introduced the \u2018PSB loan in 59 minutes initiative on 2 November 2018 to help MSMEs get funds easily.<\/p>\n\n\n\n
Under the PSB credit initiative, the government launched an online portal where you can apply for business finance and get it sanctioned in under 59 minutes! Through the portal, you can get the required funds without documentation hassles or the long sanction process.<\/p>\n\n\n\n
If you apply for a loan on the PSB portal, any lending intuition partnering with the platform can quickly approve your application and disburse the funds within 7 to 8 working days.<\/p>\n\n\n\n
You can obtain funds ranging from Rs. 1 lakh to Rs. 5 crores with business loan interest rates<\/a> starting at just 8.50%. As a result, you can enjoy speedy loan approvals, hassle-free loan processing, and reasonable repayment terms to meet your business needs in no time.<\/p>\n\n\n\n Additional Read: <\/strong>How to Get a Small Business Loan from the Government<\/a><\/p>\n\n\n\n <\/p>\n\n\n\n The most prominent features of PSB loans are:<\/p>\n\n\n\n <\/p>\n\n\n\n If you are self-employed and already own an existing business, you must be GST and IT-compliant and have six months’ bank statements.<\/p>\n\n\n\n The following factors would determine the eligibility of the applicants based on the following factors:<\/p>\n\n\n\n Since numerous partner banks are connected to the PSB loans platform, the borrower has the freedom to select any lender bank to receive in-principle loan approval.<\/p>\n\n\n\n <\/p>\n\n\n\n The procedure to avail of PSB credit is quite simple. Here\u2019s all you need to do:<\/p>\n\n\n\n <\/p>\n\n\n\n One of the best parts of getting a PSB business loan is the minimal documentation required.<\/p>\n\n\n\n When applying for a loan on the PSB portal, these are the necessary documents you must produce:<\/p>\n\n\n\n Additional Read: <\/strong>How to Submit Your Business Loan Documents like a Pro and Get Them Approved?<\/a><\/p>\n\n\n\n <\/p>\n\n\n\n If you\u2019re searching for the best way to get business loans<\/a> hassle-free, turn to Tata Capital! Get collateral-free loans of up to Rs. 75 lakhs with minimal documentation and affordable EMI options. Enjoy attractive business loan interest rates<\/a>, convenient business loan eligibility terms, structured EMIs, and much more.<\/p>\n\n\n\n Get in touch now!<\/p>\n\n\n\nWhat are the benefits of PSB loans?<\/strong><\/h2>\n\n\n\n
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What are the eligibility criteria for a PSB loan?<\/strong><\/h2>\n\n\n\n
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How to apply?<\/strong><\/h2>\n\n\n\n
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Required documentation<\/strong><\/h2>\n\n\n\n
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Over to you<\/strong><\/h3>\n\n\n\n