About the Portal

• psbloansin59minutes.com is a new-age digital lending platform. Using the portal, MSMEs can get loan amount approval from Rs. 1 Lakh to Rs. 5 Crore in less than 59 minutes from Public and Private Sector Banks (PSBs), Non-Banking Financial Companies (NBFCs), etc.
• PSB59 platform was born from the insight that MSMEs found it hard to avail loans from formal banking channels due to the tedious application, documentation and verification processes.
• With PSB Loans in 59 minutes, the entire process of a Small Business Loan for MSMEs is expected to become super quick and hassle-free that too with minimal documentation.
• The portal processes the loans without human intervention till the stage of sanction or disbursement. The analysis process is done from the various sources of the loan applicant’s financial profile.
• It should be noted that the portal only offers a platform for speedier in-principle approval by lenders onboarded on it. The final credit decision taken on loan applications sourced through the portal is taken by the lenders and monitoring of the accounts of sanctioned loans is also done by the lenders.

Why in News?

• Union Minister of State for Finance Dr Bhagwat Kisanrao Karad said that since the inception of the psbloansin59minutes.com portal in 2018, more than 2 Lakh proposals have been disbursed in the business loan category and around 18,000 proposals have been disbursed in the retail loan category.

Reference:

1. https://pib.gov.in/PressReleasePage.aspx?PRID=1806191