Business loan

2,01,863 proposals of Rs. 39,580 crore in BUSINESS LOAN category disbursed through psbloansin59minutes.com portal

17,791 proposals worth Rs. 1,689 crore in the RETAIL LOAN category disbursed through the portal

Since the inception of the psbloansin59minutes.com portal on 25.9.2018, till 28.2.2022, 2,01,863 proposals amounting to Rs. at Rs. 1,689 crore was disbursed in the retail lending category. This was stated by the Union Minister of State for Finance, Dr Bhagwat Kisanrao Karad, in a written response to a question in Rajya Sabha today.

The minister said that the portal only offers a platform for quicker approval in principle by the lenders integrated into it. The final credit decision on loan applications originating from the portal is made by the lenders and monitoring of sanctioned loan accounts, including steps to perform collection in all accounts which are then classified as non-performing assets (NPA ), is also performed. by lenders. The details of the same are not maintained centrally.

Regarding loan processing, the Minister said that loan assessment and processing is done by the respective branches and loan processing centers of the lenders. Additionally, the Minister said that many lenders are connecting or integrating with digital credit marketplaces such as psbloansin59minutes.com, paisabazaar.com, CredAvenue, Trade Receivables Discounting System (TReDS) platform, etc. , small and medium-sized enterprises (MSMEs), etc. according to their respective commercial orientation. Integration into these credit markets is done by lenders in accordance with their own internal approvals, the minister said.

Details by State of the number of loan accounts and the amount disbursed are shown in the ANNEX.

Disclaimer : This is an official press release by PIB.
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