Loans up to Rs 1 crore for MSMEs in 59 minutes: 10-step guide to the new portal

NEW DELHI: In a much-needed relief to the small and medium businesses, the government on Friday launched the quick loan disbursal portal for the MSME sector. Announcing a slew of measures as a “Diwali gift” for the sector, Prime Minister Narendra Modi said that the GST-registered micro, small and medium enterprises will be sanctioned a loan of Rs 1 crore in just 59 minutes through a new portal.

The
portal has been set up by the Small Industries Development Bank of India (Sidbi).

‘Diwali gift’ for MSMEs: Loans up to Rs 1 crore in 59 minutes, announces PM Modi

Before you login to the new portal, keep the below mentioned things ready:

* GST Identification Number and password

* Income tax returns (ITRs) in ‘XML format’ and PAN details with date of incorporation

* 6-month bank statement (PDF format) and netbanking details

* Company information

Here’s your 10-step guide on how to get quick loan approval on this new portal:

1) Register: Enter with your name, email address and a mobile number on which you will get an OTP to complete the registration process.

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2) Answer simple questions: 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. Select “I am a registered MSME and I agree with the above selected points” and click on ‘Proceed’.

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3) GST details: Enter Goods and Services Tax or GST details like number, username along with password.

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4) Enter you tax information: Upload your tax returns in ‘XML format’ or login with your Income Tax returns (ITR) credentials — your PAN and date of incorporation.

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5) Bank details: Enter your bank details by uploading bank statements, or else you may choose netbanking option.

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6) Give company information: Provide necessary information like address, details of properties among some other details.

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7) Enter loan details: Provide details of your business and the purpose of loan. You also need to mention any collateral security and previous loans (if taken).

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8) Select a bank: Select a bank from the given list from which you want to start your loan.

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9) Fee: Loan seekers need to pay one time charge

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10) Approval letter: Once you pay the fee, your approval letter will be ready and it can be downloaded.

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It must be noted that this approval of loan doesn’t mean actual disbursal as banks may ask for further clarification.

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