Credit and Finance for MSMEs: The 59-minute loan scheme was launched on November 2, 2018, to provide in-principle approval for a term loan or working capital loan from Rs 1 lakh to Rs 1 crore. However, in July last year, SBI Andhra Bank, Corporation Bank, Oriental Bank of Commerce, and Union Bank of India had enhanced the credit limit to Rs 5 crore Out of the total sanctioned, 92.6 per cent or 1,96,473 loan applications involving Rs 54,545 crores have been disbursed till August 31, 2020.
Credit and Finance for MSMEs: Nearly two years after Prime Minister Narendra Modilaunched the 59-minute loan approval scheme for MSMEs to ease credit access, 2,12,091 loan applications involving Rs 66,991 crore have been sanctioned as on August 31, 2020, according to the latest data shared by the government. The sanctioned applications have been up by 58.9 per cent from July last year. MoS Finance Anurag Thakur had informed the Rajya Sabha last year that 1,33,448 applications were sanctioned in July 2019. Out of the total sanctioned, 92.6 per cent or 1,96,473 loan applications involving Rs 54,545 crores have been disbursed till August 31, 2020, the data on the MSME dashboard portal shared by MSME Ministry showed.