These 19 PSU banks will now give in-principle approval of loans in 59 mins

The portal, PSB loans in 59 minutes, has started offering in-principle approval of retail loans in 59 minutes. According to the press release, the portal will offer loans though 19 public sector banks including State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda.

Here is a look at how this will work.

What is the process?
'PSB Loans in 59 Minutes' functions through advanced algorithms to analyse data points from several sources such as income tax returns (ITR), bank statements and so on. Once the loan 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 banks' branch - all in under 59 minutes.

The customer gets multiple options to choose a bank with suitable offering at the completion of 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 available list of banks.

The portal will soon launch in-principle approval for auto loans as well, stated the press release.

The PSB loans in 59 minutes is a portal launched with an initiative aimed at automation of various processes in loan appraisals in such a way that retail loan customers and 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 Rs 1 lakh up to Rs 5 crore. The solution uses advanced algorithms to analyse data points from various sources such as IT returns, GST data, bank statements etc.