New Delhi, Apr 15 (KNN) The 59-minute loan portal, launched by Prime Minister Narendra Modi in November 2018, has so far sanctioned over Rs 86,500 crore to approximately 2.5 lakh applicants from the micro, small and medium enterprises (MSME) sector, according to a government official.

The online portal, aimed at facilitating easy credit access for MSMEs, utilises artificial intelligence and machine learning to analyse the creditworthiness of loan applicants based on their goods and services tax (GST) and other records, enabling quick processing of loan applications up to Rs 5 crore.

Developed by Ahmedabad-based fintech firm Online PSB Loans Ltd (OPL) and supported by a consortium of lenders led by the Small Industries Development Bank of India (SIDBI), the lending ecosystem integrates various data sources such as GST, income tax, bank records, MCA21, and credit bureaus.

According to Jinand Shah, Managing Director and CEO, OPL, the automated system makes lending decisions without human intervention, ensuring efficiency and transparency. "PSBloansin59minutes.com was the first platform that pioneered MSME digital lending," Shah stated.

While the portal has received a total of 4.1 lakh loan applications involving Rs 1.73 lakh crore, rejections can occur due to factors such as incorrect data provided by applicants, inability to contact or furnish required documents, or applicants not accepting the sanctioned amounts, which may be lower than the requested amount.

(KNN Bureau)