Over 2.24 lac loans totaling Rs 66,635 cr disbursed through 59-Min portal

New Delhi, Sept 5 (KNN) As of September 1, 2022, 224,323 loans involving Rs 66,635 crore have been sanctioned under SIDBI's 59-minute loan approval scheme for MSMEs. 

According to the latest government data loans sanctioned as of August 31, 2021, under the 59-minute loan scheme to MSMEs stood at 233,845 involving Rs 77,811 crore while loans disbursed were 2,17,828 amounting to Rs 63,553 crore. 

In loans disbursed indicated only a marginal year-on-year increase of 2.9 per cent.

The scheme was launched in November 2018 with an aim to provide in-principle bank approval for collateral-free term loans or working capital loans to MSMEs from Rs 1 lakh to Rs 5 crore in 59 minutes. 

No registration is required by the borrower and a payment of Rs 1,000 is required by those whose loan applications match with products of lenders and wants to receive an in-principle approval. 

The time taken for disbursement of the loan depends on the information and documentation provided by the borrower.  (KNN Bureau)