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            One of the biggest announcements for the MSME sector was the 59 minute loan scheme which promises loan upto 5 crores rupees from banks to an online market lending place called psbloanin59minutes. This portal approves loan in 59 minutes and connects the borrower to the bank for sanction and disbursal. The government has asked banks to include auto and housing loans under the 59 minute scheme. The new retail loan regime was deliberated upon at the meeting between PSBs and Finance Minister Nirmala Sitharaman.  has emerged as the largest online lending platform, according to a report by global financial firm Credit Suisse.

About: 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. 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. 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.


How it works?

  • 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.
  • 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 applicant’s basic details.
  • 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.


Experience of MSME with this portal:

  • Sanction letter is not actually sanctioning of funds, it is just in-principle approval after that the entrepreneur have to go through the whole process of banks.
  • The process of paper work is still cumbersome.
  • While fund flows from NBFCs to micro, small and medium enterprises (MSME) have dried up in recent times, official data shows state-run banks too are cautious in lending with total credit outstanding to the sector growing at just 7.38 per cent to Rs 8.81 lakh crore in the three-year period ending March 2019.
  • As the sector is considered a key growth engine accounting for about 90 per cent of businesses and more than 50 per cent of employment, the credit growth pattern is a matter of concern.
  • Even as the government has come out with measures to promote the MSME sector, nudging banks to lend more, it is yet to reflect in actual numbers.
  • One of the key steps announced is providing loans to smaller firms with this portal but industry leaders point to sluggish disbursal under the scheme.
  • Even after the introduction of the 59-minute loan scheme, the disbursal rate is very poor. If we see the data of 59-minute approvals, it is not matching with the disbursal. Banks are still putting a lot of conditions and requiring a lot of paperwork for disbursing the loan.
  • The credit growth and disbursal are extremely poor.
  • Banks remain concerned with their rising non-performing assets (NPAs or bad loans) and scrutiny of their managements and as a result, paper verification and due diligence is very slow.


These concerns have to be addressed to make the portal serve its intended


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