? Cool Title, but what’s the news?
In a bid to boost credit availability to Micro, Small and Medium Enterprises (MSMEs), Finance Minister Arun Jaitley has launched a web portal through which one can avail loans up to Rs 1 crore in just 59 minutes.
? Okay, but what does it mean?
The portal will enable principal approval of loans up to Rs 1 crore for MSMEs from Small Industries Development Bank of India (SIDBI) and 5 Public Sector Banks (PSBs).
? Why should I care?
The web portal is www.psbloansin59minutes.com. “The portal sets a new benchmark in loan processing and reduces the turnaround time from 20-25 days to 59 minutes,” the finance ministry said in a statement. Upon approval, the loan will be disbursed in 7-8 working days. On this website, in-principle approval of loans will not require any physical documents. You can learn more about the process by visiting the source link below.
Source: Financial Express