Union Finance Minister Arun Jaitley launches web portal for MSME banking credit space
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 the principle approval, the loan will be disbursed in 7-8 working days.
The Union Minister of Finance and Corporate Affairs, Arun Jaitley on September 25, 2018 launched www.psbloansin59minutes.com web portal, a transformative initiative in Micro, Small and Medium Enterprises (MSME) credit space.
The web portal will enable in principle approval for MSME loans up to Rs 1 crore within 59 minutes from Small Industries Development Bank of India (SIDBI) and 5 Public Sector Banks (PSBs).
It is a strategic initiative of SIBDI led PSB consortium built up under the aegis of Department of Financial Services (DFS), Union Ministry of Finance.
psbloansin59minutes.com: Enables MSME to avail Rs 1 crore loan in just 59 minutes
• A first in MSME banking credit space, www.psbloansin59minutes.com 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 the principle approval, the loan will be disbursed in 7-8 working days.
• A MSME borrower is not required to submit any physical document for in-principle approval.
• The solution uses sophisticated algorithms to read and analyse data points from various sources such as IT returns, GST data, and bank statements in less than an hour while capturing the applicants basic details using Smart analytics from available documents.
• 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.
Key features of the portal
• The MSME financing will be carried out by SIDBI and big 5 PSBs- SBI, Bank of Baroda, PNB, Vijaya and Indian Bank.
• It is the first-of-its-kind portal for MSME borrowers that let MSMEs to connect with multiple banks without visiting the branch.
• It is an advanced digital platform for MSME Financing with services driven architecture and highest level of information security.
• It is the only platform in the market with a Banker Interface which covers the Branch Level integrations (with maker-checker-approver) in tune with current systems of PSBs.
• It is also the only platform that enables bankers to create Loan Products in line with the Scoring models and assessment methods within their approved credit policy.
• It has an integrated GST, ITR, Bank Statement Analyser, Fraud Check and Bureau Check as well as host of other features which at present is not available with any other player in the market.
• It has been integrated with (Credit Guarantee Fund Trust for Micro and Small Enterprises) CGTMSE for checking the eligibility of Borrowers. MSME borrower gets loan up to Rs 2 crore without any collateral, which is major relief for MSME borrower.
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