The 59-minute loan portal launched by Prime Minister Narendra Modi in November 2018 to simplify credit access for micro, small, and medium enterprises (MSMEs), has approved more than ₹86,500 crore for around 250,000 applicants, according to an official.

“The online portal helps in quick processing of loan applications up to ₹5 crore made by MSMEs by analysing their creditworthiness based on their goods and services tax (GST) and other records,” he said, asking not to be named.

The lending ecosystem, powered by AI and machine learning, is led by Ahmedabad-based fintech company Online PSB Loans Ltd (OPL) and backed by a consortium of lenders led by the State-run Small Industries Development Bank of India (SIDBI). Major participants in the consortium include the State Bank of India, Punjab National Bank, Bank of Baroda, and Canara Bank.

“Our efforts are that government facilities should reach the doorstep of every MSME entrepreneur and businessman paying GST. I am glad that keeping all these things in mind, I am finally dedicating this GST Portal to you to facilitate loan acceptance in just 59 minutes,” Modi said on November 2, 2018, while announcing 12 key initiatives for MSMEs, including the 59-minute loan portal.

“Real-time integration of various ecosystems such as GST, income-tax, bank, MCA21 and credit bureaus help in analysing the creditworthiness of the loan applicants,” OPL managing director and CEO Jinand Shah said. “It is the machine that takes the decision on business lending without human intervention,” he added.

“PSBloansin59minutes.com was the first platform that pioneered MSME digital lending,” Shah said. The portal also offers personal, home, and auto loans.

Shan clarified that loan applications can be rejected due to various reasons, such as incorrect applicant information or inability to contact applicants for necessary documentation. Additionally, some applicants may not accept the sanctioned amounts if they are lower than requested. As of now, the portal has received a total of 410,000 loan applications amounting to ₹1.73 lakh crore, Shah said.

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