Indian Overseas Bank to offer loans up to Rs 5 crore to MSMEs through psbloansin59minutes portal
Chennai, Aug 16 (KNN) Chennai-based, Indian Overseas Bank (IOB) is in the process of extending in-principle sanction for loans up to Rs 5 crore to Micro, Small and Medium Enterprises (MSMEs) via psbloansin59minutes.com portal.
Since the launch, IOB has been actively participating on www.psbloansin59minutes.com, an online portal for sanction of MSME loans.
“By increasing the limit to Rs 5 crore for MSME segment and extending sanction to retail and personal loan segments and by linking retail products with repo rate, we are confident that there will be substantial increase in the MSME & Retail segment of the bank and also would benefit the borrowers,” IOB said in a statement.
The 59-minute loan scheme was launched last year for the benefit of MSMEs. It is an integral part of the 12-point action plan for MSMEs which was announced in November 2018.
In addition, to further improve its rate of transmission, the bank is in the process of linking retail loan products with external benchmark repo rate.