MSME loans up to Rs1 crore within 59 minutes
Transformative
initiative in MSME credit space
The
loans are undertaken without human intervention
Finance
Minister launches web
The
Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley launched
here today a transformative initiative in MSME credit space. The web portal www.psbloansin59minutes.com will enable in principle approval for MSME loans up
to Rs. 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs).
It is a strategic initiative of SIBDI led PSB consortium incubated under the
aegis of Department of Financial Services (DFS), Ministry of Finance.
The
Portal sets a new benchmark in loan processing and reduces the turnaround time
from 20-25 days to 59 minutes. Subsequent to this in principle approval, the
loan will be disbursed in 7-8 working days.
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. A User
Friendly Platform has been built where 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, bank statements, MCA21 etc. 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.
The key features of the contactless
platform include:
a. Majority stake of SIDBI & big 5
PSBs- SBI, Bank of Baroda, PNB, Vijaya and Indian Bank.
b. A first for MSME borrowers-Connect
with multiple banks without visiting the branch.
c. Advanced Digital Platform for MSME
Financing with Services Driven Architecture and highest level of
Information Security.
d. 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.
e. Only Platform that enables Bankers
to create Loan Products in line with the Scoring models & assessment methods within their approved
credit policy.
f. Only Platform that has an
integrated GST, ITR, Bank Statement Analyzer, 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.
g. Only Platform that has been
integrated with 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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