(Mint file)
(Mint file)

Banks start approving retail loan proposals on 'PSB Loans in 59 Minutes' portal

  • 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
  • The portal was launched by the government in November 2018 to provide loans of up to 1 crore to MSMEs

Mumbai: Public sector banks (PSBs) have started giving in-principle approval of home and personal loan applications on the ‘PSB Loans in 59 Minutes’ web portal, launched last year to facilitate quick loans for micro, small and medium enterprises (MSMEs).

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

“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," the statement said.

P.K. Gupta, managing director, retail and digital banking, SBI, said lenders will roll out more products through this portal. “We are glad that the benefits of this platform which was made available to MSMEs, will be available to everyone."

According to the statement, the “59 Minutes" scheme uses advanced algorithms to analyse data points from several sources such as income tax returns and bank statements.

“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 bank’s branch—all in under 59 minutes," it said.

The Centre 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 in-principle approvals and 27,893 proposals been sanctioned as of 31 March 2019.

Mint reported on 23 July that five public sector banks have decided to extend in-principle approval of loans up to 5 crore under the “PSB Loans in 59 Minutes" scheme. The loans will be approved by State Bank of India, Union Bank of India, Oriental Bank of Commerce, Corporation Bank, and Andhra Bank on psbloansin59minutes.com.

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