59 Minute Loan

This initiative aims at automation and digitization of various processes of business loan (Term and Working Capital Loan) and Retail Loan (Personal and Home loan) in such a way that a borrower gets an in-principal approval letter in less than 59 minutes. The borrower has been given the flexibility to choose lenders.

Business Loan In-principle approvals, with /without collateral, are currently provided for value from INR 1 Lac to INR 5 Crore. The Rate of Interest starts from 8.5% onwards. The Platform is integrated with CGTMSE to check eligibility of borrowers.

Personal Loan In-principle approvals are currently provided for value up to INR 15 Lacs and Home Loan In-principle approvals are currently provided for value up to INR 10 Crore.

MSMEs will be able to apply for loans from SIDBI and 5 PSU Banks — State Bank of India, Bank of Baroda, Punjab National Bank, Vijaya Bank, and Indian Bank.
MSMEs will be able to connect with banks without visiting the branch. There will be no human intervention until the sanction and or disbursement stage.
The portal will be using “sophisticated algorithms” to read and analyze data points from sources such as IT returns, GST data, bank statement etc.
MSMEs can also get loans up to Rs 2 crore without any collateral using this portal.

GST Identification Number (GSTIN), GST User-ID & Password.
Income Tax E Filing password & Date of Incorporation/ Birth OR ITR for latest 3 years in XML format.
6 Months Bank statement in PDF Format And Details of any prior loans.
Director/Partner/Proprietor details: Basic, Personal, KYC, Educational details & ownership in the firm.

Income/ Revenue.
Repayment Capacity.
Existing Credit Facilities.
Any other Factors as set by Lenders.

59 Minute Loan

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59 Minute Loan