Question
Download Solution PDFWhat is maximum amount of loan that bank avail under PSB Loans in 59 Minutes" scheme.?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 5 crore.
Key Points
- The portal was launched by the Narendra Modi government in November to provide loans to 1 crore MSMEs.
- Through this we can avail a bank for the amount Rs.1 lakh to Rs.5 crore.
- The loan scheme is special as the turnaround time comes down to 59 minutes from the normal 7-8 days that a company may take to process.
- To meet the growing need of micro and small enterprises, five public sector banks have decided to extend in-principle approval of loan up to ₹5 crore under the "PSB Loans in 59 Minutes" scheme.
- The platform has helped reduce turnaround time for loan processes in such a way that MSMEs get an eligibility letter and an in-principle approval in 59 minutes and can choose the bank of their choice.
- The rate of interest starts at 8.5%.
Last updated on Jul 3, 2025
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