Modi 1 Crore Loan in 59 Minutes, Scheme Launched

Prime Minister Narendra Modi on Friday announced a dozen measures for small and medium enterprises, including loans of up to Rs 1crore in 59 minutes, relaxed labour laws and easier compliance with environment laws, to perk up the big job-generator sector.

MSMEs can seek loan of up to Rs 1 crore in just 59 minutes through a new portal, Modi said. Firms registered for GST can also avail a 2% interest subvention, or rebate, on incremental loan of up to Rs 1 cror.

Website Name –

Interest Rates = 3.00% p.a

Modi also said a mission will be launched to ensure that MSME employees have Jan Dhan Accounts, provident fund and insurance.