Are you running a small business? Need money ? Want to borrow from banks but are afraid of long processes and unexpected banking hassles? Do not worry ! Did you know that you can apply online and get approved for loans up to Rs 1 crore in just 59 minutes? Yes, you read that right ! This is a Modi government program in which MSMEs can apply online and get approved for loans up to Rs 1 crore in 59 minutes.
www.psbloansin59minutes.com: The main features of the contactless platform include: –
– Launched by the Modi government for MSMEs, web portal www.psbloansin59minutes.com In principle allows the approval of loans to MSMEs up to Rs. 1 crore within 59 minutes of SIDBI and 5 public sector banks (PSBs).
– A first in the MSME bank credit space, www.psbloansin59minutes.com is a one-of-a-kind platform in the MSME segment that integrates cutting-edge technologies to ensure transparent loan approval and management.
– Loans are granted without human intervention up to the sanction and / or disbursement stage.
– A user-friendly platform has been created where the MSME borrower is not required to submit a physical document for approval in principle.
-The solution uses sophisticated algorithms to read and analyze data points from various sources such as computer statements, GST data, bank statements, MCA21, etc. in under an hour while capturing basic candidate details using Smart Analytics from available documents.
– The system simplifies the decision-making process for a loan officer as the end result provides a summary of credit, assessment and verification on a user-friendly dashboard in real time.
– This is a strategic initiative of the PSB consortium led by SIBDI and incubated under the aegis of the Department of Financial Services (DFS), Ministry of Finance.
– The portal has created a new benchmark in loan processing and reduced the turnaround time from 20-25 days to 59 minutes.
-Following this approval in principle, the loan will be disbursed in 7-8 working days
-Majority stake in SIDBI & big 5 PSBs- SBI, Bank of Baroda, PNB, Vijaya and Indian Bank.
-A first for MSME borrowers-Connect with multiple banks without visiting the branch.
– Advanced digital platform for the financing of MSMEs with a service-oriented architecture and the highest level of information security.
-Only market platform with a banking interface that covers branch level integrations (with maker-checker-approver) in accordance with current PSB systems.
-Only platform that allows bankers to create loan products according to scoring models and valuation methods as part of their approved credit policy.
– The only platform that integrates TPS, ITR, bank statement analyzer, fraud check and desktop check, plus many other features that are currently not available with any other player in the market.
-Only Platform integrated into the CGTMSE to verify the eligibility of Borrowers. MSME borrower gets loan up to Rs.2 crore without any collateral which is a major relief for MSME borrower.