The 59-minute loan approval scheme for micro, small, and medium enterprises (MSMEs) by the government and SIDBI has sanctioned 2.47 lakh loans till September 1, 2023, up 2.27 percent from 2.41 lakh loans sanctioned as of September 1, 2022. According to the data available on the MSME Ministry’s dashboard, Rs 85,194 crore in loans have been sanctioned so far, in comparison to Rs 82,323 crore during the year-ago period. Launched in November 2018, the scheme offers in-principle bank approval for collateral-free term loans or working capital loans to MSMEs from Rs 10 lakh to Rs 5 crore in 59 minutes. MSMEs can seek collateral-free loans under the scheme, while it is at the bank’s discretion to ask for collateral, according to the information available on the portal. Other than term loans and working capital loans, MSMEs can apply for Mudra loans to buy new plant and machinery, upgrade technology, expand products, purchase raw materials, and develop infrastructure, among others.