Web portal for MSME credit
This topic provides information about Web portal for MSME credit.
The web portal www.psbloansin59minutes.com is a transformative initiative in the MSME credit space.
The portal 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.
About the portal
A first in MSME banking credit space, www.psbloansin59minutes.com is one of its kind platform 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.
Salient features of the platform
The key features of the contactless platform include:
- Majority stake of SIDBI & big 5 PSBs- SBI, Bank of Baroda, PNB, Vijaya and Indian Bank.
- A first for MSME borrowers-Connect with multiple banks without visiting the branch.
- Advanced Digital Platform for MSME Financing with Services Driven Architecture and 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.
- 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.
- 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.
How to apply
To apply, visit www.psbloansin59minutes.com and register.
If the loan is being applied for an existing business, the following documents of an existing business is to be kept ready before initiating the application process.
- GST Identification Number (GSTIN), GST User-ID & Password
- Income Tax E Filing password & Date of Incorporation/ Birth OR ITR for latest 3 years in XML format
- Current A/c - Net Banking: Username & Password or Bank Statement for last 6 months in PDF format
- Director/Owners details: Basic, Personal, Educational & Ownership Details in the Entity
- Convenience fee Rs 1000 + GST on In-Principle approval. No Hidden Charges.
Source : PIB