New Delhi, Mar 11 (KNN) Uday Kotak-led Kotak Mahindra Bank said that it has become the first private sector lender to join the platform ‘psbloansin59minutes.com’ to offer loans of up to Rs 1 crore to Micro, Small and Medium Enterprises (MSME).

“We are delighted to join psbloansin59minutes.com and participate in the Government of India’s initiative to facilitate easier access to credit to MSMEs” said Ambuj Chandna, Senior Executive Vice President and Head, Consumer Assets, Kotak Mahindra Bank said.

In a bid to boost credit availability to Micro, Small and Medium Enterprises (MSMEs), Prime Minister Narendra announced a 59 minute loan facility of up to Rs 1 crore for MSMEs during the launch of MSME Support and Outreach Program.

The initiative aims at automation of various processes to loan appraisal in such a way that you get an eligibility letter, In-principal Approval in less than 60 minutes and chooses the Bank that you may prefer to ease access to credit to smaller and micro enterprises.

 “The on-boarding of Kotak Mahindra Bank is an important milestone for the portal. In addition to making a wide choice of credit products from Public Sector Banks available to MSMEs registering on the platform, they now also get an option to access private sector lenders as well. This is true democratization of finance for the MSME segment,” said Manoj Mittal, DMD, SIDBI.

Kotak Mahindra Bank now joins the other public sector banks (PSBs) to offer loans to the small businesses that receive approval in less than 60 minutes.

Under the facility, the aspirant gets an eligibility letter, in-principle approval in less than an hour by choosing the bank that he may prefer to access to credit. (KNN/JM)