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What is maximum amount of loan that bank avail under PSB Loans in 59 Minutes" scheme.?
1. 1 crore
2. 2 crore
3. 5 crore
4. 10 crore
5. .5 crore

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Correct Answer - Option 3 : 5 crore

The correct answer is 5 crore.

 

  • The portal was launched by the Narendra Modi government in November to provide loans to 1 crore MSMEs.
  • Through this we can avail a bank for the amount Rs.1 lakh to Rs.5 crore.
  • The loan scheme is special as the turnaround time comes down to 59 minutes from the normal 7-8 days that a company may take to process.  
  • To meet the growing need of micro and small enterprises, five public sector banks have decided to extend in-principle approval of loan up to ₹5 crore under the "PSB Loans in 59 Minutes" scheme.
  • The platform has helped reduce turnaround time for loan processes in such a way that MSMEs get an eligibility letter and an in-principle approval in 59 minutes and can choose the bank of their choice. 
  • The rate of interest starts at 8.5%.

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