PSB Loans in 59 Minutes 2026: Apply Online for MSME Business Loans at psbloansin59minutes.com

Union Finance Minister Nirmala Sitharaman launched a common online portal for MSME credit space to apply online for MSME business loans in 59 minutes at psbloansin59minutes.com. This single web portal gives in-principle approval for MSME loans up to Rs. 1 crore in just 59 minutes through SIDBI (Small Industries Development Bank of India) and other public sector banks (PSBs). Any person can now apply online for MSME business loans in 59 minutes. This scheme reimagines and simplifies the whole process of fund raising and is made to ease access of credit for individuals and MSMEs.

As per the latest status report from the Department of Financial Services, Ministry of Finance, the portal has sanctioned over 46.65 lakh loans worth more than Rs. 4.73 lakh crore till 7 June 2026. Of these, MSME loans account for 21.51 lakh loans worth Rs. 4.13 lakh crore. The scheme is fully active and continues to accept fresh applications.

PSB 59 Minute Loan Yojana

PSB loans in 59 minutes is a single platform that makes sure of smooth in-principle loan approval. The scheme works on automation and digitization of many processes of Business Loan (Term Loan, Working Capital Loan and Mudra Loan) and Retail Loans (Personal Loan, Home Loan and Auto Loan) in such a way that a borrower gets an in-principle approval letter in less than 59 minutes. The borrower has the freedom to choose the lender.

The common online web portal for MSME business loans cuts the loan processing and turnaround time from 20 to 25 days to just 59 minutes. After the applicant gets in-principle approval, the loan is paid out within 7 to 8 days. PM Modi had earlier launched MSME support and outreach scheme on 2 November 2018 through video conferencing.

PSB MSME Business Loans in 59 Minutes - Apply Online

A new portal is launched by the central government with SIDBI, and 20 banks have been chosen to give MSME loans in a faster way. Below is the complete process to register and apply online for MSME business loans in just 59 minutes:-

STEP 1: Firstly visit the official website https://www.psbloansin59minutes.com/home

STEP 2: At the homepage, businesses need to make online registration by filling the sign up form before applying online for MSME business loans as shown in the figure:-

STEP 3: All the existing businesses and new businesses can fill this registration form by entering the required details like name, e-mail ID and mobile phone number. OTP is sent on the registered mobile number which needs to be entered for verification and then click at "Proceed" button.

STEP 4: Then change your password, select your requirement as "Need Fund for Existing / New Business" to open the MSME business loans online application form as shown below:-

STEP 5: Here candidates have to provide data, select banking partners and get approval for sanctioning of loans.

STEP 6: All the existing members can make login to access their details from the next time by just entering their e-mail ID or mobile number.

After the submission of the online application form by the businesses, this portal runs back end checks before loan approval. This web portal is linked with the ministry of corporate affairs and credit information bureau for fraud and product checks before sanctioning of loans. For faster loan sanction, businesses need to submit their GST and Income Tax (IT) details along with bank statement.

By linking online loan approvals with GST and IT returns, the government can also get to know and reward those businesses which are part of the formal economy. For the list of documents to be submitted by existing / new businesses and more details, visit the official website psbloansin59minutes.com

PSB 59 Minutes Business Loan - How It Happens

Firstly applicants have to enter the GST Identification number, next enter Income Tax returns in XML format. Then upload bank statement for last 6 months in PDF format and next enter director / owner details (basic, personal, educational and ownership details). Then in-principle approval for PSB 59 Minutes Business Loan is given within 59 minutes.

Personal / Home / Auto Loan - How it Happens in 59 Minutes

Firstly applicants have to enter income tax returns in XML format, then enter bank statement for last six months in PDF format. Then applicants can enter personal details such as basic and employment details, next enter the loan detail purpose and other details. Finally applicants get personal / home / auto loan in principle approval within 59 minutes.

Value of Business / Personal Loan In Principle Approvals

Business Loan in-principle approvals, with or without collateral, are currently given for value from Rs. 1 lakh to Rs. 5 crore. The rate of interest starts from 8.5% onward. The platform is linked with CGTMSE to check eligibility of borrowers. Mudra Loans in principal approvals are currently given for value from Rs. 10,000 to Rs. 10 lakhs.

Personal Loan in-principle approvals are currently given for value up to Rs. 20 lakhs, Home Loan in-principle approvals are currently given for value up to Rs. 10 crores and Auto Loan in-principle approvals are currently given for value up to Rs. 1 crore.

MSME Business Loan scheme reimagines and simplifies the whole process of fund raising and has been made to ease access of money for individuals and MSMEs. It is a single platform that makes sure smooth in-principle loan approval.

59 Minute Loan Yojana Partner Banks List

Here is the complete list of partner banks in 59 Minute Loan Yojana by PSB along with SIDBI:-

State Bank of India (SBI)	Bank of Baroda (BOB)
Punjab National Bank (PNB)	Indian Bank
Bank of India (BOI)	Bank of Maharashtra
Syndicate Bank	Central Bank of India
IDBI Bank	Indian Overseas Bank
Punjab & Sind Bank	UCO Bank
Union Bank	Kotak Mahindra Bank
IDFC First Bank	IndusInd Bank
Saraswat Co-operative Bank Ltd.	ICICI Bank
Yes Bank	Federal Bank

MSME Outreach & Support Drive by PM Modi - Features

All the micro, small and medium enterprises can avail loans up to Rs. 1 crore in just 59 minutes and a lot more from this large MSME reach and support drive:-

• SMEs would be able to get credit easier and faster.
• All the SMEs will now have a better cash flow system.
• SMEs will get more access to the market to sell their products.
• SMEs will get simpler rules and ease of doing business.
• All the SME employees can now get more social security benefits.
• SMEs would also be helped by formalisation and GST enrolment.

Department of Financial Services, Ministry of Finance is the main department for the rollout of the MSME Outreach and support drive. This scheme was earlier started by PM Narendra Modi on 2 November 2018.

Financial Inclusion Index (FII)

FII will be the measure of access and use of a basket of formal financial services and products. This includes savings, remittances, credit, insurance and pension products. Financial inclusion index has 3 measurement dimensions which are as follows:-

1. Access to financial services and products.
2. Use of financial services and products.
3. Quality of financial services and products.

Jan Dhan Darshak - Banking Services Infrastructure Locator App

Central government has also launched a new Jan Dhan Darshak App which serves as an infrastructure locator for banking services. This app aims to bring banking services within the reach of common people through over 5 lakh banking touch points. These touch points include bank branches, ATMs, banking correspondents, common service centers (CSCs) and post offices.

GIS (geographic information system) mapping helps in finding the nearest banking touch point. Now, the government is focusing on making sure that every household gets banking services within 5 kilometers range from their houses.

PSB Loans in 59 Minutes FAQ's

1. What is PSB Loans in 59 Minutes Scheme?

The PSB Loans scheme re-imagines and simplifies the whole process of fund raising. It has been made to ease access of money for individuals and MSMEs. https://www.psbloansin59minutes.com/home is a unique platform that makes sure smooth in-principle loan approval.

2. Is this scheme Digitization of Bank Loans?

Yes, the scheme works on automation and digitization of many processes of Business Loan (Term Loan, Working Capital Loan and Mudra Loan) and Retail Loans (Personal Loan, Home Loan and Auto Loan) in such a way that a borrower gets an in-principle approval letter in less than 59 minutes.

3. From Which Bank Applicant will Get Loan Amount?

The borrower has the freedom to choose the lender, meaning any applicant can choose any bank from which they want to avail the loan.

4. What is the Value of Business Loan for Which In-Principal Approval is Provided?

Business Loan in-principle approvals with or without collateral are currently given for value from Rs. 1 lakh to Rs. 5 crore. The rate of interest starts from 8.5% onward. The platform is linked with CGTMSE to check eligibility of borrowers.

5. What is the Value of Mudra Loan for Which In-Principal Approval is Provided?

Mudra Loan in-principle approvals are currently given for value from Rs. 10,000 to Rs. 10 lakhs.

6. What is the Value of Personal Loan for Which In-Principal Approval is Provided?

Personal Loan in-principle approvals are currently given for value up to Rs. 20 lakhs.

7. What is the Value of Home Loan for Which In-Principal Approval is Provided?

Home Loan in-principle approvals are currently given for value up to Rs. 10 crores and auto Loan in-principle approvals are currently given for value up to Rs. 1 crore.

8. How Facility for Common Online Web Portal Will Help?

The common online web portal gives in-principle approval for MSME loans up to Rs. 1 crore in just 59 minutes through SIDBI (small industries development bank) and 5 other public sector banks (PSBs).

9. Which are Partner Banks of PSB Loans in 59 minutes?

SIDBI, SBI, Bank of Baroda, Punjab National Bank, Indian Bank, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, IDBI Bank, Indian Overseas Bank, Punjab & Sind Bank, UCO Bank, Union Bank of India, Kotak Mahindra Bank, IDFC First, Saraswat and IndusInd bank are partner banks of PSB loans in 59 minutes.

Quick Links for MSME Business Loans in 59 Minutes

Direct Link to Register - https://www.psbloansin59minutes.com/signup

Direct Link for Login - https://www.psbloansin59minutes.com/login

E-Mail ID - support@psbloansin59minutes.com

Helpline Number - 079-41055999