PSB Loans 59 – to address the Credit Gap with MSMEs of India

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MSME credit gap is assessed as 56% in India, Ever since Shri. Narendra Modi of BJP became PM, this Credit Gap and MSME’s constraints have been addressed through various initiatives, our earlier articles also discussed on this subject in details,

  1. நிறுவனங்களின் கடன் தேவை – கடன் பெற இடைவெளியினை குறைத்திட மத்திய அரசின் நடப்பில் இருக்கும் பல்வேறு திட்டங்கள்
  2. SIDBI’s New Fund Scheme SMILE for SMEs

One more initiative which aims to deliver an inclusive banking experience and assist the MSME business to avail loans in less than an Hour.

On 25 September 2018, Our Finance Minister Arun jaitley has launched the PSB Loans website to transform the MSME lending space. It is an effort of SIBDI-led PSB consortium, which will enable all MSME to get In principle approval of business loans up to Rs 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs).


These banks are – State Bank of India, Punjab National Bank, Bank of Baroda, Vijaya Bank & Indian Bank. The interest rates will start from 8% & it will be collateral free under CGTMSE scheme. This portal will reduce the turnaround time of business loans from 20-25 days to just 59 minutes.

The detailed Video on How to Apply for the Same is given below,

Post receiving of In-Principle approval letter, the loan is expected to be disbursed in 7-8 working days.

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. The solution uses advanced algorithms to analyze data points from various sources such as IT returns, GST data, Bank Statements etc.

For More details Visit 

Courtesy:, RBI, SIDBI,

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Raman Azhahia Manavalan

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