GST There is good news for micro, small and medium enterprises (MSMEs) filing returns. Punjab and Sindh Bank has announced to give instant loan of Rs 25 lakh to MSMEs paying GST. Punjab and Sind Bank Executive Director Ravi Mehra said the bank has launched digital home loan and vehicle loan schemes, under which applications are given in-principle approval within just 15 minutes. Similar facility will be provided to MSMEs. Its process has been completed. He said the product is almost ready and the systems and processes are being tested before launching it later this month.
GST return will be viewed
According to the information given by the bank, before giving loan to any MSME, its account details and GST return will be seen. He said that the best part of such digital products is that loans can be sanctioned even during holidays. He said that the risk of default in such loans is very low. He said this automated approach eliminates human intervention at the processing and approval stage, thereby improving speed, efficiency and customer experience.
Preparation to provide relief to farmers also
Going forward, the bank also plans to launch Kisan Credit Card (KCC) renewals and approvals through the digital platform next month, he said. Under KCC, a loan of up to Rs 2 lakh can be sanctioned to a farmer without any guarantee. He said that farmers can visit our platform or give a missed call on the specified number for renewal of KCC and if the account fulfills all the criteria, the renewal will be done immediately. He said the bank is also working on providing guarantee-free loans up to Rs 50,000 under the Pradhan Mantri Mudra Yojana (PMMY) through its digital platform soon.
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