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In another incentive aimed at retail borrowers, banks will now offer in-principle approval for retail loans for home and personal finance on the ‘PSB Loans in 59 Minutes’ portal.
“Applicants can now get in-principle approval for loans within 59 minutes through 19 public sector banks, including SBI, Punjab National Bank, Bank of Baroda, and Union Bank of India,” said a release on Thursday. Customers will have the option to choose the bank and the product they like, and will also have quick and hassle-free access to home and personal loans, irrespective of whether they have an account with any of the available banks.
“The platform is revolutionising retail lending since its launch in November 2018, and we hope to roll out more products through this portal in the coming days.
“We are glad that the benefits of this platform, which was made available to MSMEs, will be available to everyone,” said PK Gupta, Managing Director, State Bank of India.
The portal was launched by the government in November last year, with the aim of providing fast loans to micro, small and medium enterprises.
The initiative aims at automation of various processes in loan appraisals based on data like Income Tax and GST returns and bank statements, in such a way that retail loan customers and MSMEs get an eligibility letter and an in-principle approval in 59 minutes and get to choose the bank of their choice.
The value of the contactless loans offered ranges from ₹1 lakh to ₹5 crore.
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