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May 22, 2020

Online Process to Apply Unsecured Business Mudra Loan upto Rs 10 Lacs get free In-principal approval

by Mahesh Mara in Compliance Law

Online Process to Apply Unsecured Business Mudra Loan upto Rs 10 Lacs get free In-principal approval

How to apply for Mudra Loan Online?

A MUDRA Loan is being provided under the Pradhan Mantri MUDRA Yojana (PMMY) to the non-corporate and non-farming small and micro enterprises/ businesses. Loans upto INR 10 Lacs can be availed under the MUDRA scheme. Micro Units Development and Refinance Agency Limited (MUDRA) is an NBFC supporting the development of small business owners in India.

The MUDRA loans are to be provided for income generating small business activities across manufacturing, processing, services or trading sectors and would cover all Individuals/ Proprietary Concerns/ Partnership Firms/ Private Limited Companies/ Entities of any other legal forms running as shopkeepers, artisans, self-help groups, manufacturing units, hawkers, professionals, service providers, etc.

There are no processing fees charged online for getting In-Principal Approval upto Rs 10 Lakhs in Mudra Loans

The Pradhan Mantri MUDRA Yojana (PMMY) can be extended under 3 categories as mentioned below:

Shishu: Offers loans upto INR 50,000.

Kishore: Offers loans above INR 50,000 and upto INR 5 Lacs.

Tarun: Offers loans above INR 5 Lacs and upto INR 10 Lacs.

BENEFITS/ ADVANTAGES OF MUDRA LOAN (YOJANA)

  • Provides financial assistance to rural as well as urban areas.
  • Offers income-generating opportunities to micro and small enterprises.
  • No need to provide any collateral or security to avail Mudra Loan.
  • Very low processing charges for availing of the loan.
  • No minimum amount prescribed
  • Both new & existing businesses are eligible to get Mudra loan.
  • Women entrepreneurs might avail loans at lower interest rates.

DIFFERENT NEEDS, ONE SOLUTION

  • Business Expansion
  • Purchasing Inventories
  • Supplier Payments
  • Maintaining Smooth Cash Flow
  • Managing Seasonal Requirements
  • Capacity Expansion

A SMART, EASY & FAST PROCESS

  • GST Identification Number
  • Income tax returns in XML format
  • Bank statement for last six months in pdf format
  • Director/Owners details: basic, personal, educational & ownership details
  • Inprinciple approval in 59 minutes

SIMPLIFIED SMART DIGITAL SOLUTION

  • Real Time Decision Making
  • Advanced Digital Platform having Services Driven Architecture
  • Seamless integration with Statutory bodies
  • Sophisticated algorithms for proactive matching of fund seekers and fund providers

KEY FEATURES & BENEFITS

  • Apply Anywhere Anytime
  • Ease of Understanding
  • Real-time Processing
  • Online In-principle approval
  • Minimum Documentation
  • Best User Experience
  • Technology-backed Eligibility Check
  • Credit Worthiness Evaluation
  • No Human Bias
  • Transparent Terms

MORE ADVANCED BENEFITS

Advanced Platform: Advanced Digital Platform for easy Fund Raising with Services Driven Architecture

Loan In-principle approval: Mudra Loan upto INR 10 Lacs

Convenience: Without visiting any bank, a borrower can apply for In-principle approval of a mudra loan with multiple banks at one go

Fast Processing:  Get In-principle approval in 59 minutes through an easy application process

Technological Integrations: Technological integrations to ease decision-making process for Bankers which translates into faster loan processing for borrowers

CGTMSE Coverage: With CGTMSE integration, the borrower can also avail benefits under the CGTMSE Scheme for collateral free loan

Money Directly in Bank Account: Borrowers to get loan disbursement directly into their bank accounts

Flexible Tenure: Flexible tenures with an affordable interest rate (starting from 8.35%)

PSB Integration:  More than 25 Public & Private Sector Banks and NBFCs are associated with the Platform for providing finance

ELIGIBILITY & DOCUMENTATION

The Loans are not provided to new Startups and New Business. Your Business should be atleast 6 Months old, else the case are mostly rejected

Kindly go through the list mentioned below and keep all documents ready in required formats to apply online for your Mudra Loan In-principle approval.

1. GST Registered Business

a. Single Registration: GST Identification Number (GSTIN)

b. Multiple Registrations: GSTIN of all registrations

2. ITR for minimum one year in XML format

a. ITR related to Businesses and presumptive income scheme are eligible

3. Bank Statements for the last 6 months in PDF Format

4. Other Business Details

The platform also caters to financial requirement of businesses not-registered with GST. All the processes remain the same except GST details where the non-GST business needs to manually provide some business details

FREQUENTLY ASKED QUESTIONS:

1. What are the minimum and maximum loan amount one can borrow through the portal?

Answer: A Micro Enterprise can avail MUDRA loan up to INR 10 Lacs  through www.psbloansin59minutes.com

Post In-principle approval, the preferred lender (as selected by borrower) will conduct a thorough due diligence and decide on whether to Sanction/Disburse the Proposal. The final decision will be at the lender’s discretion.

2. How do I make a loan application/ submit Proposal?

Answer: Applying for a mudra loan (In-principle approval) is a simple process:

a. Click on www.psbloansin59minutes.com.

How to apply for MSME loan online?
How to apply for MSME loan online?

b. Register using Name, Mobile Number and Email Id

c. Post registration, the borrower can select funding requirement i.e. for business purpose or for retail.

d. Select “Business Loan” and then “Mudra Loan”.

e. After selection of fund requirement, provide required details to avail business loan in-principle approval within 59 minutes.

Already Registered? https://www.psbloansin59minutes.com/login

3. Do I need to provide fees for registration?

Answer: No, you don’t need to pay the registration fee. There are no processing fees charged online for getting In-Principal Approval upto Rs 10 Lakhs in Mudra Loans

Procedure for applying Mudra Loan Online?

The following is the step wise detail to apply for Mudra loan online:

Step 1: Go to https://www.psbloansin59minutes.com/home and Click on “Apply Now”

Step 2: Sign up for the loan application by entering your Name, Mail Id and Mobile and click on Send OTP button. An OTP will be received on the mobile. Enter the OTP and click on Proceed button.

You will be prompted to enter new password for Login. Enter the password and click on “Proceed”

Step 3: Submit your requirement

In the next step you will be asked to submit your requirement i.e. whether you want MSME loan or Business loan under Mudra Scheme.

Select “Mudra Loan” and Click on Proceed

Step 4: Filing of Loan application form:

The loan application is of 3 parts:

  1. Provide Your Data
  2. Select Banking Partner and
  3. Get approval

Let us start with filing your data, the first page will ask you the following questions:

  1. Are you registered under GST and am regular in filing my GST Returns?
  2. Are you having last 6 months Bank statement along with you?
  3. Have you filed Income tax returns?
  4. Are you regular in Loan Repayment and have not defaulted in the past?

Select, either yes or no appropriately and click on proceed button.

1. Now, enter your GSTIN details like GSTIN username and GSTIN no and click on send OTP button an OTP will be send to your registered mobile no. Before sending OTP ensure API access is enabled on your GST profile. Steps for enabling API is as follow:

a. Visit http://www.gst.gov.in, click on the “Login” button and Insert your credential to log in to your GST account.

b. After logging in, click on the “View Profile” link located on the right-hand side.

c. Under Quick Links, click on the “Manage API Access” link.



d. Click on the “Yes” button next to the “Enable API Request”, select “Duration” from the drop down provided and click on “Confirm” button

Now, Enter the OTP and Click on Submit button. You will be prompted to enter the sales details of GST from July 2017 to March 2020. Enter the details and Click on Submit button.

2. Enter self-declared Income and Financial data of the company like:

a. Name of the entity and Date of incorporation

b. Correspondence address of the company

c. Sales and Net profit of the company for last 3 years and estimated details for FY 2019-20

d. Also provides details of Total asset and Liabilities details for last 3 years and estimated details for FY 2019-20 and click on submit button

3. Now, upload the bank statement for last 6 months, select the Bank name from the drop down and from when the bank account is in operation i.e. select the month and year when the bank account was opened, now click on Upload bank statement button, select the path of the bank statement file. In case you don’t have the bank details you can enter the bank details manually.

Now, click on “Submit button”

4. Now, enter the company address and director details like:

a. Name of the Director

b. Address of the director

c. PAN and aadhaar of the director

d. Qualification of the director

After entering the director details click on “Submit’” button and Verify details

5. Now enter your loan requirement details. Before providing loan details confirm the details of the existing credit facility provided by the website.Also provide the following details:

a. Industry to which the entity is related

b. Sector and Sub sector under which the entity comes

c. Product/ service description

d. Loan Amount required.

e. Promoter contribution

f. MSME registration no

g. Select, whether business premises is owned or rented or on Lease

h. Select the purpose of Loan i.e. Working Capital or Asset acquisition

In case of working capital loan provide the estimated profit and loss detail for the next financial year and in case of Asset acquisition loan the

g. Provide the existing and proposed activity details

After providing details click on “Submit” button, OTP will be sent to the registered mobile no. enter the OTP and click on Submit button.

6. Once, the submission is done you will be able to view all the lender proposals that have been matched with the application, which will show the EMI and processing fees of the various proposals. Select the proposal of your choice and select the branch of the bank.

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