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Prime Minister Narendra Modi launches 59-minute loan approval portal

November 3, 2018

The government has launched a new loan portal that will approve loans in just 59 minutes. Prime Minister Narendra Modi launched the new portal on Friday. The portal can be used to apply for loans of up to Rs1 crore. It has been launched for the benefit of micro, small and medium businesses- MSMEs.

Prime Minister Narendra Modi also announced at the launch event that small sized businesses that are registered under the goods and services tax will also get a tax rebate of 2% on incremental loans of up to Rs 1 crore.

The loan scheme had been launched earlier on trial basis and has been used for more than 72,000 loans worth over Rs 23,852 crore. The Small Industries Development Bank of India has set up the 59-minute portal. Most of the public sector banks operating in the country are part of the scheme.

The micro, small and medium business holders can apply for a loan by registering for it. The application for loan is then forwarded to 2 or more banks. Then a standard approval is issued regarding the loan.

The aim of the portal is to encourage small enterprises by making the loan process simpler.

Small businesses should get easier access to loans without having to frequently visit bank branches, at a cheaper interest rate. said Prime Minister Narendra Modi.

PM Modi has also announced that now the public sector companies will have to buy 25 % of their inputs from the MSME sector while earlier they had to procure 20%.

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