The portal, PSB loans in 59 minutes, has commenced offering in-principle approval of retail loans in 59 minutes. According to the press release, the portal will provide loans through 19 public sector banks including State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda(BOB).
This is how it will work.
What Is The Process?
‘PSB Loans in 59 Minutes’ functions by advanced algorithms to analyze data points from various sources like income tax returns (ITR), bank statements and so on.
After uploading the required information by the loan applicant, the proprietary algorithms on the website appraise the application, determine the loan amount that can be approved and then connect the applicant to the banks’ branch – all in under 59 minutes.
The customer gets multiple options to choose a bank with a suitable offering after the completion of the digital journey. This will provide the loan applicants quick and hassle-free access to home and personal loans whether or not they have banking and financial relationship with the available list of banks.
Soon, the portal will introduce in-principle approval for auto loans as well, declared by the press release.
This portal will be launched with an initiative aimed at automation of various processes in loan assessments in 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.