Introduction: psbloansin59minutes.com
PSB Loans in 59 Minutes is a pathbreaking platform of OPL designed for the automation of credit to borrowers. India’s largest digital lending platform has set a new benchmark by offering digital approvals for business (MSME) loans, mudra loans, retail (personal, home, and auto) loans, and microfinance in 59 minutes from anywhere, anytime, without having to visit the bank. This comprehensive and unique platform is integrated seamlessly with the existing infrastructure of lenders and banks.
This is the only platform with a banker interface covering branch-level integrations. The platform, along with offering ease of finance to borrowers, also offers quality information to lenders by using multiple technology interventions to provide faster solutions for the internal decision-making processes of lenders.
Challenges:
While working with MSMEs and lenders between 2015 and 2018, we realized very soon that, despite the wide banking network, MSMEs still face challenges in getting access to finance from formal banking channels due to tedious lending procedures, huge paperwork, inflexible collateral requirements, and slow disbursements.
Out of the 6.3 crore MSMEs in India, only 20% have been able to receive formal credit. Sometimes MSME borrowers avail themselves of credit at a higher interest rate of 30%–50%.
Business borrowers are not well-versed in the field of finance and tend to have little awareness of the products offered by lending institutions. So, they end up either delaying this process or borrowing from informal sources at very high interest rates.
Also, it takes a considerable amount of time and effort for a lender to collect data and verify it before taking a proposal forward. This is where our platform is trying to make the lives of any borrower easy and smooth.
Solutions:
'psbloansin59minutes.com' was launched after a thorough analysis of financial as well as entrepreneurial ecosystems to remove time-consuming and tedious processes and save substantial time, energy, and costs in lending. As the name suggests, the platform has set a new benchmark by offering digital approvals for business (MSME) loans, mudra loans, retail (personal, home, and auto) loans, and microfinance in 59 minutes from anywhere, anytime, without having to visit the bank.
Benefits to Lenders:
- Real-time product and scoring creation in line with credit policy
- Receive screened proposals on the dashboard
- Digital data collection and parameter checking
- Real-time digital credit decision-making
- Increased efficiency to handle more proposals
- Quick online monitoring and renewals
- Lender-specific web platform to cater to lenders' existing as well as new customers
- Sanction and disbursement are expected within 7–10 working days instead of 31 days
- Loan sanctioning and disbursement times have been cut by 75%
- Transparent Approval: no human bias, AI/ML-based digital approval for loans
- Analytics will help find early warning signals for loan defaults
Benefits to Borrowers:
- Contactless Real-Time Digital Approval within 59 minutes for MSME/Mudra loans and 15 minutes for retail loans
- Disbursement TAT of ~ 7-10 days instead of 31 days
- It is convenient to apply from anywhere, anytime, without visiting a bank branch
- Standardized form for all lenders
- Flexibility to choose a preferred lender
- Promotes ease of finance, which in turn helps ease of doing business
- Real-time management and tracking of applications online
- Apply for multiple loans through a single profile