PSB Quick Loan vs. Traditional Financing Options
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The PSB 59-minute loan seems perfect for my business, but is it really that great? Aside from the fast 'in-principle' approval, what are the real timelines for getting the money and are there hidden terms? Do banks actually stick to those low rates and no-collateral promises once they check my credit?
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The 59-minute process is a good start, but don’t expect the cash right away. It usually takes about 7 to 8 business days for paperwork to be verified. Rates start at 8.5%, but they can change, and fees might catch you off guard. If you need more than ₹20 lakh, you’ll likely need to provide collateral unless you follow the CGTMSE limits. Make sure to carefully read the fine print when you get the sanction letter.