Get SBI loan in just 59 minutes! How State Bank of India, other PSBs are looking to empower borrowers

Five of the largest banks in India including State Bank of India (SBI), Union Bank of India, Oriental Bank of Commerce, Corporation Bank, Andhra Bank have joined hands to offer ‘PSB Loans in 59 Minutes‘ scheme to empower the MSME community with required capital to build up their business. Other PSB’s and private sector banks are also in process to increase the limit up to Rs 5 crore, while earlier the platform offered In-Principle loan approval up to Rs 1 crore.

Devi Shankar Mishra, CGM MSME, SBI said, “The highlight of operating through platform is, it quickens sanction time and increases transparency. This is a part of our ongoing journey towards uplifting the sunrise sector of the country. With the increase in the loan limit to 5 crore we are sure that this will broaden the playing field for the MSME sector.”

'PSB Loans in 59 Minutes' functions through advanced algorithms to analyze data points from several sources such as Income Tax returns, GST data, Bank Statements etc. Once a MSME uploads required information, the proprietary algorithms on the website appraise the application, determine the loan amount that can be sanctioned and then connect the applicant to the banks branch – all in under 59 minutes. 

A K Gupta, GM Oriental Bank of Commerce said, “We are delighted to join psbloansin59minutes.com and participate in the initiative to facilitate easier access of credit to micro, small & medium enterprises. At our bank, we offer a range of customised financing options with flexible repayment options. We are also seeing a steady rise in customers availing loans through digital channels.

For the first time, MSMEs get In-principle approval without visiting the branch of any bank and can choose from PSBs and Private sector banks. Since the launch of PSB Loans in 59 Minutes, in November 2018 has revolutionized the MSME eco-system by achieving several milestones. Various new initiatives are under development and would be announced shortly.