Get 1 Crore in 1 Hour
Maharashtra, India: Access to finance has long been a stumbling block for India’s vibrant Micro, Small, and Medium Enterprises (MSMEs). But a revolutionary scheme launched by Prime Minister Narendra Modi in 2018 is aiming to change that. The aptly named “59-Minute Loan” initiative promises in-principle loan approval within an hour, offering a lifeline to millions of aspiring entrepreneurs.
Website Links:
- PSB Loans in 59 Minutes: https://www.psbloansin59minutes.com/home
- Pradhan Mantri Mudra Yojana: https://www.mudra.org.in/
- Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGTMSE): https://www.cgtmse.in/
Scheme Details:
- Loan Amount: Up to Rs. 1 crore (approximately USD 125,000)
- Eligible Businesses: Existing and aspiring MSMEs across various sectors
- Loan Types: Term loans and working capital loans
- Approval Time: In-principle approval within 59 minutes (subject to eligibility and verification)
- Key Features:
- Simplified online application process through the ‘PSB Loans in 59 Minutes’ portal
- Pre-filled forms based on GST data (for GST-registered businesses)
- Reduced paperwork and minimal documentation requirements
- Competitive interest rates
- Credit guarantee through the CGTMSE scheme
Impact and Challenges:
Since its launch, the 59-Minute Loan scheme has disbursed over 2.36 lakh loans, totaling Rs. 79,149 crore (approximately USD 10 billion). This has undoubtedly fueled MSME growth and job creation. However, challenges remain. Disbursement timelines beyond in-principle approval can still be lengthy, and loan accessibility in rural areas needs improvement.
Looking Ahead:
The 59-Minute Loan scheme marks a significant step towards simplifying MSME financing in India. By continuously streamlining the process, addressing disbursement delays, and expanding outreach, this initiative has the potential to unlock the immense entrepreneurial potential of millions of Indians. As Prime Minister Modi himself stated, “In New India, no one should be compelled to visit a bank branch repeatedly.” With such vision guiding the way, the future of India’s MSME sector seems bright.
