Rs.39,580 Crore in ‘Business Loan’ Disbursed Through psbloansin59minutes.com
15 March 2022: Since the inception of the psbloansin59minutes.com portal on 25.9.2018, till 28.2.2022, 2,01,863 proposals amounting to Rs.39,580 crore have been disbursed in the business loan category and 17,791 proposals amounting to Rs.1,689 crore have been disbursed in the retail loan category.
The portal only offers a platform for speedier in-principle approval by lenders onboarded on it. The final credit decision taken on loan applications sourced through the portal is taken by the lenders and monitoring of the accounts of sanctioned loans, including steps to effect recovery in any accounts that are subsequently classified as non- performing asset (NPA), is also done by the lenders. Details of the same are not centrally maintained.
The Minister stated that many lenders connect or integrate with digital credit marketplaces like psbloansin59minutes.com, paisabazaar.com, CredAvenue, Trade Receivables Discounting System (TReDS) platform, etc. to connect with loan customers in various segments, like retail, micro, small and medium enterprises (MSMEs), etc. as per their respective business focus. Onboarding on such credit marketplaces is done by the lenders as per their own internal approvals, the Minister stated.
