The financial services sector is accelerating its adoption of digital technology. Banks are willing to innovate and continually improve customer experience, keep on top of regulatory changes, and build stronger ties with technology partners if they want to ride the waves to/of success. Also, the digital lending industry is witnessing a similar transformation and has come a long way in the past decade. The digitization of lending started with the need to overcome the traditional pain points (extensive, time-consuming, manual, and complicated) in/of the lending process.

With emergence of digitization, the lending process steps have become paperless and faster. psbloansin59minutes.com is an online marketplace to cater to various financial aspirations of individuals and businesses in a simple, quick and hassle-free way. The platform has set a new benchmark in loan processing by reducing turnaround time for in-principle approval from days to less than 59 minutes. Borrower gets in-principle approval anywhere anytime without visiting any bank/branch. Post receiving in-principle approval letter, the loan is expected to be sanctioned/ disbursed in around 7-8 working days. The platform is currently being used by more than 25 public & private sector banks and NBFCs.

Providing Loan to Different Sectors
For any emerging economy, MSME is the backbone in terms of contribution to GDP or workforce or manufacturing. As MSME is the

key to the success of the economy, finance is considered the essential raw material for them. And finance means the right finance at the right time. psbloansin59minutes.com is committed to providing MSMEs with an option to have easy access to finance. psbloansin59minutes.com is an auto-mated and intelligent fund-raising plat-form for MSMEs to fulfil their financial requirements in the quickest, simplest and easiest way. Through this initiative, the platform aims to transform the business lending process by making it more convenient for MSMEs to access credit easily.

Furthermore, after the success of MSME Loan, the platform has launched the retail loan segment, which includes personal loan, home loan and auto loan. The portal validates and checks various data points to give In-principle approval in less than 15 minutes. The platform has digitalized the entire process of lending not only for borrowers but for lenders too. As soon as borrower completes the journey on the platform, CAM report (Credit Appraisal Memorandum) is received by bank branch in real time which has an analysis of all-important data points required for credit underwriting. This helps lenders to reduce TAT significantly, increase efficiency and reduce costs. Unlike other providers, ps-bloansin59minutes.com call themselves eco-system builders. The firm has built the whole eco-system on API driven/ driven on APIs.

psbloansin59minutes.com is an automated and intelligent fund-raising platform for MSMEs to fulfil their financial requirements in the quickest, simplest and easiest way

Moreover, the path breaking plat-form was soft launched by Finance Minister, Late Shri Arun Jatleyji on 25th, September, 2018 and was formally launched by Honourable Prime Minister of India, on 2nd, November, 2018 as one of the MSME Diwali gift. The largest public sector are key shareholders of the platform.

Additionally, in 2019, the company launched three retail products on the occasion of completing one year of the company. Mudra Loans were launched in March, 2020. MUDRA loans are to be provided for income generating small business activities across manufacturing, processing, services or trading sectors and would cover all individuals/ proprietary concerns/ partnership firms/ private limited companies/ entities of any other legal forms running as shopkeepers, artisans, self-help groups, manufacturing units, hawkers, professionals, service providers, etc. "As per company, the journey has just started and one of the key future development is creating ecosystem for lending", concluded Jianath Sah, CEO, Online PSB Loan.