Now, MSMEs to get Rs 5 crore loan in just 59 minutes
Updated : July 23, 2019 01:13 PM IST
Five of the largest banks – State Bank of India, Union Bank of India, Oriental Bank of Commerce, Corporation Bank, Andhra bank – are the first ones to offer in-principle loan approval up to Rs 5 crore on the platform.
The Centre launched the platform to provide necessary financial assistance to MSME borrowers without the hassle of knocking on banks and waiting in line for the approval. Earlier, the in-principle loan amount was set at Rs 1 crore.