New Delhi The 59-minute loan portal launched by Prime Minister Narendra Modi in November 2018, mainly to facilitate easy credit access to micro, small and medium enterprises (MSMEs), has so far sanctioned over ₹86,500 crore to approximately 250,000 applicants, an official said.
HT Image“The online portal helps in quick processing of loan applications up to ₹5 crore made by MSMEs by analysing their creditworthiness based on their goods and services tax (GST) and other records,” he said, asking not to be named.
I am glad that keeping all these things in mind, I am finally dedicating this GST Portal to you to facilitate loan acceptance in just 59 minutes,” Modi said on November 2, 2018 while announcing 12 key initiatives for MSMEs, including the 59-minute loan portal.
“PSBloansin59minutes.com was the first platform that pioneered MSME digital lending,” Shah said.
So far, a total of 410,000 loan applications were received by the portal, involving ₹1.73 lakh crore, Shah said.
New Delhi The 59-minute loan portal launched by Prime Minister Narendra Modi in November 2018, mainly to facilitate easy credit access to micro, small and medium enterprises (MSMEs), has so far sanctioned over ₹86,500 crore to approximately 250,000 applicants, an official said. HT Image
“The online portal helps in quick processing of loan applications up to ₹5 crore made by MSMEs by analysing their creditworthiness based on their goods and services tax (GST) and other records,” he said, asking not to be named.
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The AI- and machine learning-based lending ecosystem is driven by Ahmedabad-based fintech firm Online PSB Loans Ltd (OPL) and supported by a State-run Small Industries Development Bank of India (Sidbi)-led consortium of lenders such as State Bank of India, Punjab National Bank, Bank of Baroda, and Canara Bank.
“Our efforts are that government facilities should reach the doorstep of every MSME entrepreneur and businessmen paying GST. I am glad that keeping all these things in mind, I am finally dedicating this GST Portal to you to facilitate loan acceptance in just 59 minutes,” Modi said on November 2, 2018 while announcing 12 key initiatives for MSMEs, including the 59-minute loan portal.
“Real-time integration of various ecosystems such as GST, income-tax, bank, MCA21 and credit bureaus help in analysing creditworthiness of the loan applicants,” OPL managing director and CEO Jinand Shah said. “It is the machine that takes the decision on business lending without human intervention,” he added.
“PSBloansin59minutes.com was the first platform that pioneered MSME digital lending,” Shah said. The portal also offers personal, home and auto loans.
Shan explained that rejections of loan applications can happen for reasons such as incorrect data provided by the applicant, or because some applicants cannot be contacted or are unable to furnish required documents. At times, applicants do not accept the sanctioned amounts, which may be lower than the amount in their application. So far, a total of 410,000 loan applications were received by the portal, involving ₹1.73 lakh crore, Shah said.
