MSME Business Loans in 59 Minutes for Food Industry

Are you thinking of creating MSME, or small and medium-sized enterprises? Do you want to expand your established food industry? If so, you can get a loan of up to 1 crore in just 59 minutes. The loan is granted by the government in 59 minutes to start the business and to expand the already established industry. In the 2019 budget, this provision was given by the Minister of Finance Smt Nirmala Sitharaman. The central government says that now any businessman will not face any kind of difficulty due to funds problems, the government is ready to offer all kinds of assistance.

• Before going on further, know what MSME is? MSME’s full name is Micro, Small & Medium Enterprises. According to the official definition, it covers small and medium-sized enterprises and industries, which cost between 5 lakh and 2.5 crore. This cost is inclusive of the cost of the machine and the salary paid to employees. The scheme proposed by the government: loan in 59 minutes. To further expand the MSME sector by the central government, a scheme called “MSME loan in just 59 minutes” was launched in 2018. Now this plan has extended to MSME loans up to a maximum of Rs 1 crore in just 59 minutes.
• Procedure for obtaining MSME loan First, the small-scale industry owner must register himself and his industry by visiting the program’s online portal www.psbloansin59minutes.com. Subsequently, a scanned copy of all necessary documents will need to be uploaded to the portal itself.
  The most important thing is that this portal will automatically verify all information provided by you. Thereafter, if you are eligible for the loan, the requested loan amount will be transferred to your account within 1 week of completing the formalities. No bank or official approval is required.

·         Who is eligible for the 59-minute loan plan? :All those industries which meet the requirements of MSME including food industry other than that no guidelines have been mentioned Documents required for MSME loan: Bank account information for your industry including the last six month transaction, You need to add an IT account and a GST account of your industry, you need to have all the documents related to the tax section, Scan your KYC form and submit it online, GSTIN and GST user ID and password, Copy of the e-filing tax return Banks Covered Under MSME Loan Scheme

·         The government has appointed the Small Industries Development Bank of India for this scheme. In addition, 5 public sector banks are involved. But there is also a possibility that the applicant can choose his bank. The following are the names of the banks: SBI, Punjab National bank, Bank of Baroda, Indian Bank, Bank of Maharashtra, Allahabad bank, Vijay bank, Allahabad bank, Andhra Bank, Bank of India, IDBI bank, etc

It was started by the government to promote the service enterprise. If you also want to start or have started your own business and that business comes into the MSME loan service, then you too can apply for an MSME loan without delay and start expanding your business.

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