PSB-LOANS-IN-59-MINUTES

About:

• Transformative initiative in MSME credit space will enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs)
  
  
• The web portal psbloansin59minutes.com will enable in-principle approval for MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs).
  
  
• Subsequent to this in-principle approval, the loan will be disbursed in 7-8 working days.
  
  
• It is a strategic initiative of SIBDI led PSB consortium incubated under the aegis of Department of Financial Services (DFS), Ministry of Finance. The 5 PSBs are SBI, Bank of Baroda, PNB, Vijaya and Indian Bank.
  
  
• The Portal, a first in MSME banking credit space, sets a new benchmark in loan processing and reduces the turnaround time from 20-25 days to 59 minutes.
  
  

Working:

• MSME borrower is not required to submit any physical document for in-principle approval.
  
  
• The solution uses sophisticated algorithms to analyse data from various sources such as IT returns, GST data, bank statements, MCA21 etc. in less than an hour.