- Inclusive growth and issues arising from it.
What to study?
For Prelims and Mains: Key features and significance of the portal.
Context: PSBloansin59minutes.com launched three months ago has emerged as the largest online lending platform, according to a report by global financial firm Credit Suisse.
About the Portal “PSBLoansin59min”:
The portal was launched in November to provide credit of up to Rs 1 crore to micro, small and medium enterprises (MSMEs) in just 59 minutes.
It is one of its kind platforms in MSME segment which integrates advanced fintech to ensure seamless loan approval and management. The loans are undertaken without human intervention till sanction and or disbursement stage.
How it works?
- The Portal sets a new benchmark in loan processing and reduces the turnaround time from 20-25 days to 59 minutes. Subsequent to this in principle approval, the loan will be disbursed in 7-8 working days.
- The solution uses sophisticated algorithms to read and analyse data points from various sources such as IT returns, GST data, bank statements, MCA21 etc. in less than an hour while capturing the applicant’s basic details.
- The system simplifies the decision making process for a loan officer as the final output provides a summary of credit, valuation and verification on a user-friendly dashboard in real time.