PW Bureau
The report also says that sanction rates have grown from 36 percent at the start to 60 percent while “turnaround time” has reduced from over a month to a week presently
Bengaluru: PSBLoansin59minutes.com, a portal that was launched three months ago to facilitate loans for medium and small scale industries, has become the largest “online lending platform” in India, according to a Credit Suisse report. The online loan approval platform connects state-run banks with small and medium enterprises (SMEs). While public sector banks still struggle with low profits and bad loans, the platform has “approved” loans worth over Rs 30,000 crore since the November launch, the report said.
Additionally, over Rs 6,400 crore is estimated to have been “sanctioned” through the platform to approximately 24,000 SMEs, while banks have provided in-principle approval to close to 40,000 enterprises, according to the report.