MSME Business Loans in 59 Minutes for Food Industry

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MSME Business Loans in 59 Minutes for Food
Industry
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Introduction

• 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.

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Introduction
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Before going on further, know what MSME is?

• 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 loanFirst, 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.

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Who is eligible for the 59-minute loan plan?

• 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

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CONCLUSION

• 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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Contact us

• CONTACT 450, Mastermind 1, Royal Palms, Aarey
  Colony, Goregaon(E), Mumbai, Maharashtra
  400065Ph91 8097027355, 91 9137256150, 91
  9222086563 or visit http//mbaprojectreports.com/
  email at profprakash_at_mbaprojectreports.com