Private lender Yes Bank is now a part of the ‘PSB Loans in 59 Minutes’ programme initiated by the SIDBI led consortium of PSBs in a bid to facilitate speedy and convinient credit access for MSMEs. This initiative is aimed to accelerate business opportunities for the MSME sector, which is under major impact due to the outbreak of deadly virus COVID-19. With the easing up of the nationwide lockdown, Yes Bank’s new step with ensure support to the troubled MSMEs.
Rajan Pental, Global Head – Retail Banking at Yes Bank, said, “MSMEs are the growth engines of the economy and are a priority sector for Yes Bank. To support the sector during the COVID-19 situation, the Bank is pleased to actively participate in this SIDBI-led initiative for MSME growth. The Bank has also launched innovative digital solutions aimed at offering MSME customers a comprehensive range of products which are convenient, quick and tailor-made to fit their requirements.”
Ronak Shah, Co-founder and COO at Online PSB Loans Ltd said, “The initiative aims at automating of various processes in loan appraisals in such a way that Business and Retail borrowers get an In-principle approval within 59 minutes. The initiative has empowered the borrowers to choose the lender of their choice without visiting the Bank Branch. The solution uses advanced algorithms to read and analyse data points from various sources such as IT returns, GST data, bank statements, MCA21 etc.”
What is ‘PSB Loans in 59 Minutes’?
According to www.psbloansin59minutes.com, the initiative aims at simplifying the overall process of raising funds and tailored to offer easy credit assistance to Individuals and MSMEs. It offers seamless In-principle loan approval.
The programme is aimed at automating and digitising processes of Business Loan (Term Loan, Working Capital Loan and Mudra Loan) and Retail Loans (Personal Loan, Home Loan and Auto Loan) in a way that the borrower receives an In-principle approval letter in less than 59 minutes. Besides, he is also given the flexibility to choose the lender of his choice.