Kotak Mahindra Bank has become the first private bank to join PSB (Public Sector Banks) loans, as per the proclamation of PSB bank limited. By joining the PSB platform, the private bank, Kotak Mahindra Bank will be rendering loans to MSME enterprises across the nation, as reported by the Indian daily news, The Economic Times.
After this synergy, the borrowers will be able to avail in-principle loans in 59 minutes. The loan will be sanctioned by private as well as public sector banks.
We are delighted to join psbloansin59minutes.com and participate in the Government of Indias initiative to facilitate easier access to credit to micro, small medium enterprises. Small business owners require quick and hassle-free access to loans to grow or diversify their business. At Kotak, we offer a range of customised financing options with flexible repayment options. We are also seeing a steady rise in customers availing loans through digital channels," said Ambuj Chandna, Senior Executive Vice President at Kotak Mahindra Bank, as reported by the Indian daily news, The Economic Times.
In essence, PSB loans in 59 minutes is initiated aiming to automate several processes in loans so that it becomes easier for MSME enterprises to clear eligibility criterion and get sanction for an in-principle loan within 60 minutes. Subsequently, the borrowers can choose any of the banks as per their choice.
Manoj Mittal, Deputy Managing director at Small Industries Development Bank of India (SIDBI) said the incorporation of Kotak Mahindra Bank is an imperative event for the online money-lending portal.
"In addition to making a wide choice of credit products from Public Sector Banks available to MSMEs registering on the platform, they now also get an option to access private sector lenders as well. This is true democratisation of finance for the MSME segment," Mittal said, as reported by the Indian daily news, The Economic Times.