Insurance

For insurance policy holders and borrowers,Online instant loan application platform PSB Loans eyes increases half of per cent in disbursements to more than billion

Digital lending platform Online PSB Loans (OPL), which gives instant loan approval scheme, is expected to reach Rs 1,00,000 crore loan disbursements by the end of current financial year 2022-23, an increase of 50 percent in the next eight months, its Managing Director and CEO Jinand Shah told to a financial organization. According to the data from the MSME Ministry, 2,24,000 bank loans worth Rs 67,000 crore were disbursed till July 2022 through OPL since its launch in November 2018. From Rs 59,578 crore loans distributed as of February 2021, the value has increased by 11.6% till date. On the other hand, the number of loans disbursed in the last 12 months was 15,000.The loans were given across OPL’s product portfolio that includes MSME loans (Mudra loan and term loan for up to Rs 5 crore), home loan, auto loan and personal loan.

“The Rs 1-lakh-crore is a benchmark figure that has not been reached any other platform in the country. In fact, of all the products, 85-90 per cent of the loans processed by OPL are MSME loans as the platform was launched specifically for the sector and the retail products serve only as add-ons,”.

He added that the 50% growth will be at the back of the credit season that begins from September and goes up to March for MSMEs. On loan inquiries, he explained that 60 per cent of the applications received by them are approved while 40 per cent are disbursed from banks within a week, provided their documents are complete. “40 per cent disbursements is another benchmark for us that is above the industry standard of 5-10 per cent.” 

Online instant loan application is currently working on an artificial intelligence and machine learning based recommendation engine that will show performance of borrowers on its portal. Data on the percentage of disbursements made by the bank and the speed at which the amount is transferred will help MSMEs choose the right bank.

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