Hotline: 1800 102 2007
X
Search Business Opportunities
Sep, 27 2018

Arun Jaitley launches portal to grant MSME loans within 59 minutes

Through the newly launched platform, MSME can get principal approvals for loans up to Rs 1 crore within 59 minutes.

Finance Minister Arun Jaitley has launched a new portal to fast-track loans for micro, small and medium enterprises (MSMEs). Through the newly launched platform, MSME can get principal approvals for loans up to Rs 1 crore within 59 minutes.

For being eligible for speedier loan sanctions, Businesses need to submit GST and income tax details, along with bank statement. Rajiv Kumar, Financial Services Secretary, said that the loan will be disbursed within eight days.

The Finance Ministry said, "The portal sets a new benchmark in loan processing and reduces the turnaround time from 20-25 days to 59 minutes."

The loan processing will take place without any manual intervention until the sanction or disbursement stage. The MSME borrower will not be required to submit any documents physically for getting in-principle approval.

The Ministry said, "The solution uses sophisticated algorithms to read and analyse data points from various sources such as IT returns, GST data, bank statements, MCA21, etc. in less than an hour while capturing the applicants basic details using Smart analytics from available documents."

Comment
Related opportunities
  • Furniture/Home Decor & Furnishing
    Interiors & More. Our brand Interiors & More is a..
    Locations looking for expansion Maharashtra
    Establishment year 2008
    Franchising Launch Date 2015
    Investment size Rs. 10lac - 20lac
    Space required 700
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai Maharashtra
  • Fine Dine Restaurants
    Want to run your own traditional food family restaurants? Partner..
    Locations looking for expansion Lakshadweep
    Establishment year 1974
    Franchising Launch Date 2012
    Investment size Rs. 2lac - 5lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Lakshadweep Lakshadweep
  • Payment Solution services
    About Us: E-Pay Solutions India Private Limited - a proven business..
    Locations looking for expansion Andhra pradesh
    Establishment year 2009
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required 100 sq ft.
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Hyderabad Andhra pradesh
  • Juices / Smoothies / Dairy parlors
    Beyond Tempatation:- We have a hankering for some really in..
    Locations looking for expansion Maharashtra
    Establishment year 2016
    Franchising Launch Date 2016
    Investment size Rs. 5lac - 10lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Haveli Maharashtra
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities