‘Psbloansin59miuntes’ is a portal to enable in-principle loan processing for MSME (micro, small and medium enterprises) businesses. The portal was launched in November 2018 to ease credit availability to MSMEs.
Public sector banks (PSB) are now seeking to introduce housing and auto loans on the portal. PSBs are planning to introduce retail products to further their retail loan business.
PSBs such as Bank of India and Indian Overseas Bank are planning to offer retail loan products on portal. Indian Overseas Bank has achieved considerable progress in the sanctioning of MSME loans.
IOB has been an active participant and achieved significant growth in the MSME loan business. IOB is also looking to extend in-principle approvals for MSME loans up to Rs 5 crore.
Also Read: How is the repo rate linked to home loans and auto loans?
The portal has enabled quick loan approvals and brought about ease in the banking processes for both the bankers and customers. At present, MSMEs can obtain an eligibility letter and in-principle loan approval in 59 minutes, and opt for a bank of their choice.
Loans approved are generally disbursed in 7 to 8 workings days. Similarly, bankers expect that the portal would facilitate the retail business of banks.
The credit off-take as on 31 March 2019 has been Rs 35,000 crore. More than 50,706 proposals have obtained in-principle approval and out of these 27,893 proposals sanctioned.
I am a Chartered Accountant by profession. I specialise in personal taxes and corporate income tax matters. I am an avid reader and track developments in financial markets, economy and other market developments.
The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…
The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…
Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…
Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…
A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…
Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…