When did launched PM Modi’s 59-minute MSME loan ?

When did launched 

PM Modi’s 59-minute MSME loan ?

1. 2018 November

2. 2019 November

3 . 2018 December

4. 2019 December

Startup India

PM Modi’s 59-minute MSME loan: 93% applications disbursed till November 2020, marginally up from August

Credit and Finance for MSMEs: The scheme was launched to offer in-principle approval to a term loan or working capital loan from Rs 1 lakh to Rs 1 crore. However, public sector banks including SBI, Andhra Bank, Corporation Bank, Oriental Bank of Commerce, and Union Bank of India had increased the credit limit to Rs 5cr in July 2019.

Credit and Finance for MSMEs: The 59-minute loan approval scheme for MSMEs launched by Prime Minister Narendra Modi in November 2018 has enabled the disbursement of 2,03,120 loans involving Rs 56,773 crores as of November 30, 2020, according to the data sourced from the MSME Ministry. The loan disbursement stood at 93.8 per cent of the 2,16,503 numbers of loans involving Rs 68,742 crores sanctioned by the end of last month. Moreover, in comparison to the previously available data as of August 31, 2020, the loan disbursement increased 3.38 per cent. Public sector banks had disbursed 1,96,473 loan applications involving Rs 54,545 crores out of 2,12,091 loan applications involving Rs 66,991 crore sanctioned as of August 31, 2020.

The loan approval scheme for MSMEs was launched to offer in-principle approval to a term loan or working capital loan from Rs 1 lakh to Rs 1 crore. However, leading banks including State Bank of India, Andhra Bank, Corporation Bank, Oriental Bank of Commerce, and Union Bank of India had increased the credit limit to Rs 5 crore in July 2019. The interest rate levied is 8.5 per cent onwards while the platform is integrated with the government’s Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to check the eligibility of borrowers. MSMEs need to provide their GST identification number, IT returns, six-month bank statement, owner’s details, on the loan portal to seek approval to their loan request in 59 minutes. The updated data was shared on the MSME dashboard portal by MSME Ministry.