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Coimbatore

New portal to simplify and expedite loan process soon

Covai Post Network

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Coimbatore : Tamil Nadu government is in the process of creating a portal to expedite and simplify the procedure for the benefit of MSMEs to get loans from banks, Municipal Administration Minister, S P Velumani said today.

Speaking at a meeting with senior bank officials and industrialists here, Velumani said that the portal, to become operational soon, will be helpful to both the banks and industrialists.

The industrialists need not not rush to the banks at a time, particularly during the situation like Covid-19 and they can file their required documents through the portal, which will also help banks to scrutinise and sanction the loans, he said.

Stating that the suggestions arising out of the meeting will be forwarded to the Union Finance minister, through Lead Bank,Velumani appealed to the banks to clear the bottlenecks in getting loans faster, as there are various schemes of the Central government.

The Coimbatore district has more than 1.5 lakh MSMEs, with 15 lakh workers and the government is committed to protect the MSMEs and other industries, which are the backbone of the Indian economy, Velumani said.

He said that Rs.554 crore loan were disbursed to 8,284 small industries during the lock down period.

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