SIDBI’s 59-min loan scheme: Total sanctions to MSMEs near 2.5 lakh involving over Rs 80k crore

Credit and Finance for MSMEs: Launched in September 2018, the scheme enables in-principle bank approval for collateral-free term loans or working capital loans to MSMEs from Rs 1 lakh to Rs 5 crore. Bank loans sanctioned to micro, small and medium enterprises (MSMEs) under SIDBI’s 59-minute loan approval scheme as of June 1, 2022, stood at 2,40,852 involving Rs 81,690 crores, according to MSME Ministry’s monthly data on PSB-Loans-in-59-minutes program. Out of total loans sanctioned, 2,23,507 loans involving Rs 66,256 crores were disbursed so far. Moreover, during the first two months (April-May) of the financial year 2022-23, around 1,101 loans were sanctioned while 818 were disbursed, data indicated as sanctioned loans as of April 1, 2022, were 2,39,751 while loans disbursed were 2,22,689.

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