PSBloansin59minutes.com is an online marketplace, which will enable In-principle Approval for MSME Business Loans (Term Loan /Working Capital Loan) from INR 1 Lacs to INR 5 Crore in less than 59 minutes from Public & Private Sector Banks and NBFCs.
This Platform has set a new benchmark by reducing the in-principle loan processing turnaround time from days to 59 minutes. Post receiving in-principle approval letter, the loan is expected to be sanctioned/ disbursed in around 7-8 working days.
PSBloansin59minutes.com is one of a kind platform that ensures fast in-principle loan approval. It is a micro-services driven auto scalable platform that not only provides own niche excellence but also integrates multiple service providers into a single powerful engine having hundreds of APIs and thousands of data points. The Platform leverages growing digital data footprints and integrates advanced technologies to automate and digitize the lending processes for Borrowers and Bankers.
The user-friendly portal offers contactless journey where a borrower is not required to visit bank branch for in-principle approval. The Platform uses advanced algorithms to analyze data points from various sources such as IT returns, GST data, Bank Statements etc.
PSBloansin59minutes.com is a comprehensive & unique platform integrated seamlessly with existing infrastructure of banks. This is the only platform having Banker Interface covering Branch level integrations. The Platform along with offering ease of finance to borrowers also offers quality information to the banks by using multiple technology interventions so to provide faster solutions for internal decision-making processes of Bankers.
MSME
The Ministry of Micro, Small and Medium Enterprises, a branch of the Government of India, is the apex body for the formulation and administration of rules, regulations and laws relating to micro, small and medium enterprises in India. The Minister of Micro, Small and Medium Enterprises is Nitin Gadkariand the Minister of State is Pratap Chandra Sarangi since 31 May 2019
MUDRA LOAN
Mudra is an NBFC (non-banking finance company) set up by the government that supports development of micro enterprise sector. The purpose of Mudra is to support the small scale businesses that don't have access to formal channel of borrowing. More than 90% of the non-corporate small business (NCSB) sector does not have access to formal sources of finance, states Mudra.org.in. Mudra (Micro Units Development and Refinance Agency) provides refinance support to a host of financial institutions, which include public sector banks, private sector banks, regional rural banks, urban cooperative banks, state cooperative banks, micro finance institutions, and non banking finance companies.
Eligibility: Anyone who runs small business enterprise is eligible to apply for mudra loan. Mudra yojana loans are given under three different categories. The first category, known as shishu (for extremely small business units) covers loans upto Rs 50,000. The second category known as kishor (slightly bigger units) covers loans above Rs 50,000 and upto Rs 5 lakh. The third category known as Tarun (relatively bigger units) covers loans above Rs 5 lakh and upto Rs 10 lakh. Mudra operates a special refinance scheme for women entrepreneurs, which is Mahila Uddyami Scheme.
Besides the three categories, the funding support from Mudra four types.
Types of loan: The first is micro-credit scheme for loans upto Rs one lakh finance through micro finance institutions. The second is refinance scheme for commercial banks / regional rural banks (RRBs)/ scheduled co-operative banks. The third is women enterprise programme and the fourth is securitisation of loan portfolio.
Mudra Card: It is an innovative product, which provides working capital facility as a cash credit management. It is a debit card issued against the Mudra loan account for working capital portion of the loan. MUDRA Card can be operated across the country for withdrawal of cash from any ATM / micro ATM and also make payment through any 'Point of Sale' machines.
Amount disbursed: Prime MinisterNarendra Modi recently said that loans worth Rs. 6 lakh crore have been givento 12 crore beneficiaries under the Mudra scheme.
Genesis of mudra: The PMMY was launched by the Prime Minister on April 8, 2015, for providing loans of up to Rs. 10 lakh to the non-corporate, non-farm small/micro Enterprise.
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