Banks Begin Approving Retail Loan Proposals on “PSB Loans in 59 Minutes” Portal

According to a statement from PSB Loans in 59 Minutes on Thursday, applicants can now get in-principle approvals from 19 PSBs, including the National Bank of India (SBI), Punjab National Bank, Bank of Baroda and Union Bank of India.

“Customers will have several options for choosing a bank with an appropriate offering at the end of their digital journey. This will provide loan applicants with quick and hassle-free access to home and personal loans, whether or not they have banking and financial relationships with the list of available banks, “the statement said.

PK Gupta, managing director, retail and digital banking, SBI, said lenders will deploy more products through this portal. “We are pleased that the benefits of this platform made available to MSMEs are available to everyone. “

According to the release, the “59 Minutes” program uses advanced algorithms to analyze data points from multiple sources such as tax returns and bank statements.

“Once an applicant uploads the required information, the website’s proprietary algorithms assess the application, determine the loan amount that can be sanctioned, and then connect the applicant to the bank branch, all in under 59 minutes. “, did he declare.

The Center launched the portal in November 2018 to provide loans of up to 1 crore to MSMEs in less than an hour.

According to the latest figures, more than 50,706 proposals had received approvals in principle and 27,893 proposals had been sanctioned as of March 31, 2019.

Mint reported on July 23 that five public sector banks have decided to extend loan approval in principle until 5 crore as part of the “PSB Loans in 59 Minutes” program. The loans will be approved by State Bank of India, Union Bank of India, Oriental Bank of Commerce, Corporation Bank and Andhra Bank on

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