To improve the credit availability for micro, small and medium enterprises (MSMEs), the finance minister Arun Jaitley launched a new web portal this week which allows one to avail loans up to Rs 1 crore in 59 minutes. In a statement, the finance ministry said, "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."
These loans will be provided by SIDBI (Small Industries Development Bank of India) and 5 Public Sector Banks (PSBs).
The main features of the portal www.psbloansin59minutes.com are:
- Besides SIDBI, these loans can be availed from the State bank of India, Bank of Baroda, Punjab National Bank, Vijaya, and Indian Bank.
- The MSME borrower can get up to Rs 2 crore loan without any collateral.
- The first initiative for MSME borrowers to connect with multiple banks without visiting the branch.
- The digital platform comes with service-driven architecture and the highest level of Information Security.
- 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.
- Only Platform that enables Bankers to create Loan Products in line with the Scoring models & assessment methods within their approved credit policy.
- It has an integrated GST, ITR (Income Tax Returns), Bank Statement Analyzer, Fraud Check and Bureau Check.
- Integrated with CGTMSE (Credit Guarantee Trust for Micro and Small Enterprises) for checking the eligibility of borrowers.
Requirements to avail the loan through the portal:
- GST Identification Number (GSTIN), GST User ID.
- Income tax portal details like e-filing user ID and date of incorporation/ birth or the income tax returns of the last 3 years in XML format.
- Current a/c details or bank statement for last 6 months.
- Basic details of the Director/Partner/Proprietor details
- Convenience fee payment of Rs 1000 + GST after the approval of the loan.