'PSB Loans in 59 Minutes': Banks extend in-principle approval of home, personal loan

After the success of loan approvals for MSMEs in 59 minutes, 19 public sector banks have decided to extend in-principle approval of home and personal loan to retail customers under the 'PSB Loans in 59 Minutes' scheme.

The banks include SBI, Punjab National Bank, Bank of Baroda and Union Bank of India who will extend the in-principle approval of loans through the website psbloansin59minutes.com.

According to a press release, the platform will launch in-principle approval for auto loans, too, soon.

Customers will get multiple options to choose a bank with a suitable offering at the completion of the digital journey. This will provide the loan aspirants quick and hassle-free access to home and personal loan whether or not they have banking and financial relationship with the available list of banks.

"We are delighted to extend home and personal loan for loan aspirants through “59 minutes portal,” said PK Gupta, MD, SBI. "The platform is revolutionizing the retail lending since its launch in November 2018 and we hope to roll out more products through this portal in coming days.  We are glad that the benefits of this platform which was made available to MSMEs will be available to everyone.”

‘PSB Loans in 59 Minutes’ functions through advanced algorithms to analyze data points from several sources such as Income Tax returns, Bank Statements etc. Once an applicant uploads required information, the proprietary algorithms on the website appraise the application, determine the loan amount that can be sanctioned and then connect the applicant to the bank's branch – all in under 59 minutes.

About PSB Loans in 59 Minutes

The initiative aims at the automation of various processes in loan appraisals in such a way that Retail loan customers & MSMEs get an eligibility letter and an in-principle approval in 59 minutes and can choose the bank of their choice. The value of the Contactless Loans offered ranges from INR 1 lakh up to INR 5 crore. The solution uses advanced algorithms to analyze data points from various sources such as IT returns, GST data, bank statements etc.