Kotak Mahindra Bank becomes first private sector bank to join `PSB Loans in 59 Minutes`

New Delhi: Kotak Mahindra Bank (Kotak) has announced that Kotak is the first private sector bank to join the platform -psbloansin59minutes.com.

Kotak will offer loans up to Rs 1 crore to micro, small &medium enterprises (MSME) in India through this platform. MSME loan aspirants will now get the option to avail of ‘in-principle’ loan approvals in just 59 minutes through this platform.

Ambuj Chandna, Senior Executive Vice President & Head –Consumer Assets, Kotak Mahindra Bank said, “We are delighted to join psbloansin59minutes.com and participate in the Government of India’s initiative to facilitate easier access to credit to micro, small &medium enterprises.

Kotak Mahindra Bank Ltd, has a national footprint of 1,453 branches and 2,270 ATMs. The Bank has four Strategic Business Units –Consumer Banking, Corporate Banking, Commercial Banking and Treasury.

Last year, the government launched a common online platform for micro, small and medium enterprises (MSME) credit enabling businesses to get loans upto Rs 1 crore within just 59 minutes.

It is a strategic initiative of SIBDI led PSB consortium incubated under the aegis of Department of Financial Services (DFS), Ministry of Finance.

The Portal reduces the loan processing turnaround time from 20-25 days to 59 minutes. Subsequent to this in principle approval, the loan will be disbursed in 7-8 working days.