Since the launch of the digital portal for MSMEs to avail Rs 1 crore loan in 59 minutes, loans worth Rs 9,919 crore have been sanctioned, said Nisar Ahmad Khan, Deputy Lead District Manager, Punjab and Sind Bank, according to media reports. About 343 applicants have been sanctioned this amount, and loans totalling Rs 9.18 crore have been disbursed to 130 applicants.
Khan was speaking at an MSME support and outreach programme in Ludhiana, which targeted the apparel and the handloom sector. “We have been reaching out to the MSME units to not only promote the loan portal, but also to guide the traders about several existing schemes for MSMEs,” he added. Khan also said the scheme is gradually being acknowledged by traders in the city.
“I got a principle sanction of Rs 16 lakh immediately via mail. Then, a term loan of Rs 15.5 lakh was disbursed to me after the completion of necessary formalities,” said M Valluvan, Founder, Nima Merchandising, Coimbatore. Availing a loan from banks through the portal www.psbloansin59minutes.com, he told the Small Industries Development Bank of India (SIDBI), “I did not have to visit the branch many times and I got the loan in a very short span of time. The overall experience is really nice as the process is completed in a seamless manner.”
Maya Ranna, Founder, Agrigenesis, Noida, also had a positive experience. She told SDBI, “For the expansion of my business, I had applied for a loan through the portal from the UCO Bank Nehru Place Branch. I was fortunate enough to be sanctioned my loan without any delay, due to which I have been able to deliver more orders.”
The outreach programme where Khan made the statement also included a briefing on the cluster development scheme launched by the MSME Ministry. The traders were also briefed about monetary benefits and claims for the employees of an MSME unit under the Employees’ State Insurance (ESI) scheme.