Benefits of 'PSB Loans in 59 Minutes' to be available for retail customers also apart from MSMEs

New Delhi, Sept 5 (KNN) The PSBloansin59minutes.com on Thursday announced in-principle home and personal loan approvals to retail customers from public sector banks (PSBs) within 59 minutes

The 'PSB Loans in 59 Minutes' web portal was launched last year to grant quick loans to small businesses.

The facility can be availed through 19 public sector banks, including the State Bank of India, Punjab National Bank, Bank of Baroda and Union Bank of India, among others.

The platform will soon launch in-principle approval for auto loans as well.

"Customers will get 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," according to a statement said.

PK Gupta, a managing director at State Bank of India, said lenders 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 micro, small and medium enterprises (MSMEs) will be available to everyone", said Gupta.

According to the statement, the 'PSB Loans in 59 Minutes' functions through advanced algorithms to analyse data points from several sources such as Income Tax returns, bank statements, among others.

“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 banks branch – all in under 59 minutes," it said.

The portal was launched by the government in November 2018 to provide loans of up to Rs1 crore to micro, small and medium enterprises (MSMEs) in just 59 minutes or less than an hour.

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