YES BANK has joined the ‘PSB Loans in 59 Minutes’ initiative by the SIDBI led consortium of PSBs to facilitate quick and hassle-free credit access for MSMEs. The initiative aims to help boost business opportunities for the MSME sector, which has been significantly impacted due to the unprecedented COVID-19 situation. As the nation steadily unlocks in phases, YES BANK is pleased to support the MSMEs.
Under this initiative, in-principle approvals for Business Loans are provided for a value from INR 1 lakh to INR 5 crore. The platform functions through advanced algorithms that integrate information directly from GST, income tax returns, bank statement, fraud check, bureau check, among others and automates the decision making with highest level of information security. Once the applicant submits the loan application, the algorithm analyses the data and determines the loan amount that can be sanctioned – all within 59 minutes. The platform is directly connected to the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme.
Speaking on the development, Rajan Pental, Global Head – Retail Banking, 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.”
Sharing his views, Ronak Shah, Co-founder and COO, Online PSB Loans Ltd., said, “We welcome YES BANK on the platform. The PSBLOANSIN59MINUTES.COM initiative aims at automation 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.
To enable MSMEs and Business enterprises to meet their operational liabilities, the Bank is also offering an option to avail up to 20% of loan outstanding under the ECLGS scheme introduced by the Government of India.