PSB Loans in 59 Minutes: Online Loan Approval for MSMEs and Retail Borrowers
Last updated: 2026-11-13 · MockMentor
PSB Loans in 59 Minutes is an online lending marketplace launched in September 2018 by public sector banks with SIDBI as the strategic partner. It gives an in-principle loan approval in 59 minutes, against 20 to 25 days earlier.
In one line: an algorithm reads a borrower's GST returns, income tax returns and bank statements and issues an in-principle approval within an hour.
At a glance
| Item | Details |
|---|---|
| Launched | September 2018 |
| Partner | SIDBI with a consortium of public sector banks |
| Loans | MSME loans, and now retail loans too |
| Fee | ₹1,000 + GST after in-principle approval |
| Lenders | All public sector banks, SIDBI and several private banks |
Facts to remember
- It is 59 minutes to in-principle approval, not to money. Disbursement takes about 7 to 8 days after the bank's checks.
- Collateral-free loans are possible where covered by the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
- Despite the name, several private banks and NBFCs are now on the platform.
Possible exam questions
- How is cash-flow based, data-driven lending changing MSME credit in India?
- What are the risks of algorithm-based credit decisions?
Complete notes in our courses: this page gives the essentials. The Super-Elite and Elite courses carry the full chapter with every update merged in, plus practice MCQs. Compare the courses.
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