Get Rs 1 Crore Loan In 59 Minutes For MSMEs: 10 Easy Steps To Claim The Loan On This Website

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Loan In 59 Minutes For MSMEs
Loan In 59 Minutes For MSMEs

Looking for a business loan but are frightened by the disconcerting process?

Here is an awesome solution for you, now forget making rounds of your bank for weeks, all that unmanageable paperwork, and dealing with staff that is less than cooperative. And forget the guarantee too!

Here’s a government website where you can get approval for your business loan within an hour. Or in 59 minutes, as Prime Minister Narendra Modi described when he announced several benefits yesterday for the medium, small and micro enterprises (MSME) sector. The offer of ‘Rs 1 crore loan in 59 minutes’ was part of PM Modi’s 12-point action plan for MSMEs announced yesterday.

The government’s website for MSME borrowers offers automated processing of loan that provides with an in-principal approval in less than an hour. The automated, contact-less business loan approvals are currently provided for loans worth Rs 10 lakh to Rs 1 crore. The rate of interest starts from 8% and collateral coverage is not mandatory because these loans are connected to the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme.

The website reduces the turnaround time from 20-25 days to 59 minutes. After approval, the loan will be disbursed in about a week.

Log in here and get a loan approval in these 10 quick and simple steps:

  1. Register

Provide your name, email address and a mobile number on which you will receive an OTP.

https://www.cgtmse.in/
https://www.cgtmse.in/

2. Answer 4 questions

You need to answer four simple questions such as whether you are registered with GST and have been filing your GST returns regularly and have never defaulted on a loan.

Answer 4 questions
Answer 4 questions
  1. Provide your GST details

    Provide your GST details
    Provide your GST details

     

  2. Provide tax info

    You can either upload your tax returns in XML format or login with your tax credentials — your PAN and date of incorporation.

    Provide tax info
    Provide tax info
  3. Provide bank account info

You can either upload your bank statements or log in with your net banking credentials.

Provide bank account info
Provide bank account info
  1. Provide details of company directors

    Provide details of company directors
    Provide details of company directors
  2. Provide loan info

Now you have to provide details of your business, the purpose of the loan, any collateral security, and any previous loans.

Provide loan info
Provide loan info
  1. Select the bank

Select the bank from where you want a loan. Currently, about a dozen banks are linked with this website.

Select the bank
Select the bank
  1. Pay fee

You will have to pay a convenience fee of Rs 1,000 + GST.

Pay fee
Pay fee
  1. Download approval letter

This is the last step. Your approval letter is ready to be downloaded.

Download approval letter
Download approval letter

Remember, before you log in to the website, you need to have these details and soft copies of documents with you:

1) GST Identification Number,

2) Income tax returns in XML format or your PAN and date of incorporation,

3) Bank statement for last six months in PDF format or your net banking credentials,

4) Details of director and owners and other basic ownership details.

However, one should remember that this is sanctioning of a loan and not disbursal. Banks may ask for further clarification, documents to process it further.

So, what are you waiting for?

Enroll in the process and claim your loan to get a kick start in your business.

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