By CNBC-TV18 Jul 23, 2019 1:13:10 PM IST (Updated)
Micro, small and medium enterprises (MSMEs) can now secure in principle approval of loans up to Rs 5 crore in just 59 minutes under the ‘PSB Loans in 59 Minutes’ scheme.
Micro, small and medium enterprises (MSMEs) can now secure in principle approval of loans up to Rs 5 crore in just 59 minutes under the ‘PSB Loans in 59 Minutes’ scheme.
To faciliate easy access, five of the country's largest state-owned banks – State Bank of India, Union Bank of India, Oriental Bank of Commerce, Corporation Bank, Andhra bank – have joined hands to offer loan of up to Rs 5 crore to MSMEs on their platforms.
Also Read: MSME loan in 59 minutes: Here's a step-by-step guide on how to get funding worth Rs 1 crore
The Centre launched the platform to provide hassle-free financial assistance to MSME borrowers. Earlier, the in-principle loan amount was set at Rs 1 crore.