Rs 35,000crore success! Modi govt's PSBloansin59minutes.Com becomes largest fintech lending platform

Web portal PSBloansin59minutes.Com has emerged as the country's largest online lending platform, with loan sanctions exceeding over Rs 35,000 crore, reports news agency PTI. The porta was launched by Prime Minister Narendra Modi three months ago.

The officia website of the initiative says, "PSB Loans in 59 minutes is an online marketplace, which will enable In-Principle approval for MSME loans up to INR 1 Crore in 59 minutes from Public Sector Banks.

This Platform has reduced the loan processing turnaround time from 20-25 days to 59 minutes. Post receiving of In-Principle approval letter, the loan is expected to be disbursed in 7-8 working days."

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On the website, the loans are processed without human intervention till sanction and/or disbursement stage. "On this platform, MSME borrower is not required to submit any physical document for In-Principle approval.

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The solution uses advanced algorithms to analyze data points from various sources such as IT returns, GST data, Bank Statements etc," says the website.
(To be updated)