The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley launched here today a transformative initiative in MSME credit space. The web portal www.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). It is a strategic initiative of SIBDI led PSB consortium incubated under the aegis of Department of Financial Services (DFS), Ministry of Finance.
About the Portal “PSBLoansin59min”:
It is one of its kind platforms in MSME segment which integrates advanced fintech to ensure seamless loan approval and management. The loans are undertaken without human intervention till sanction and or disbursement stage.
The Portal sets a new benchmark in loan processing and reduces the turnaround time from 20-25 days to 59 minutes. Subsequent to this in principle approval, the loan will be disbursed in 7-8 working days.
The solution uses sophisticated algorithms to read and analyze data points from various sources such as IT returns, GST data, bank statements, MCA21 etc. in less than an hour while capturing the applicant’s basic details.
The system simplifies the decision-making process for a loan officer as the final output provides a summary of credit, valuation, and verification on a user-friendly dashboard in real time.