Web portal PSBloansin59minutes.com launched by Prime Minister Narendra Modi three months ago has emerged as the largest online lending platform, according to a report by global financial firm Credit Suisse. The portal was launched in November to provide credit of up to Rs 1 crore to micro, small and medium enterprises (MSMEs) in just 59 minutes. "The recently (Nov-2018) launched fintech portal PSBloansin59minutes.com (PSB59) has, within three months, emerged as the largest on-line lending platform. Loan approvals have already exceeded Rs300 billion (USD4.2 bn) and disbursements are estimated at Rs 250 billion," Credit Suisse report said. The platform designed under guidance of Financial Services Secretary Rajiv Kumar has reduced the turnaround time from 20-25 days to 59 minutes. Upon approval, the loan is disbursed in 7-8 working days. While, many of these are existing borrowers that banks have routed through the platform, of the 90,000 SMEs that had loans sanctioned, 24,000 are new to bank totaling Rs 6,400 crore, it said. Quantum of loan processing through this portal is much larger than the Rs 6,500 crore of cumulative disbursements by two of the largest online SME lending NBFCs over the past three years, it said, adding, average ticket size (ATS) for new borrowers is Rs 27 lakh and Rs 34 lakh for repeat borrowers. The report further said SMEs apply for loans using their GST registration as the portal is integrated with GST server at the backend, as well as IT, credit bureaus and banks. It is able to quickly score the applicant on individual models of lenders (currently only PSU banks but private banks\/NBFCs are also signing-up). Read Also| Uber books ride with Modi's Ayushman Bharat: Drivers to get free healthcare Borrowers then select the lender and branch from the banks willing to grant the "in-principle" approval. This approval is presented at branch and post documentation, loan is disbursed. "While the SME lending market continues to be dominated by offline lenders (largely banks with greater 80 per cent share), several online models have developed in recent years which can be broadly classified into lending marketplaces (Bankbazaar, Paisabazaar, Deal4loans, etc.) and fintech NBFCs (Capital float, Lendingkart, etc)," the report said. Citing example, the report said, Lendingkart set up in 2014 has disbursed about Rs 1,700 crore since its inception while Capitalfloat set up in 2013 has disbursed Rs 4,500 crore so far. Fintech NBFCs give on-book loans after collecting similar data points as PSB59 and typically disburse loans faster as funds are disbursed from their in-house NBFC, it said. PSB59 stands out over the fintech NBFC model with respect to the rate of interest charged as it leverages existing infrastructure of banks and competition among multiple banks as the application is evaluated against credit approval metrics (CAMs) of each bank (19 currently) instead of one NBFC.