<h1>New Portal Transforms MSME Loan Approval to 59 Minutes, Offers Up to Rs. 2 Crore Without Collateral, Streamlining Access.</h1> The Union Minister of Finance and Corporate Affairs launched a web portal aimed at revolutionizing MSME credit access. The platform, www.psbloansin59minutes.com, allows for in-principle approval of MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and five major Public Sector Banks. This initiative significantly reduces loan processing time from 20-25 days to under an hour, utilizing advanced fintech and algorithms to analyze data from various sources. The portal offers a seamless, contactless experience without requiring physical documents, and enables MSME borrowers to access loans up to Rs. 2 crore without collateral, enhancing financial accessibility.