Amid the ongoing economic downturn as the consumption of small items has dropped significantly, the government’s goal is to stimulate consumption in the economy so that the situation begins to improve.

With the same goal, before the holiday season, retail borrowers will now be able to receive approval in principle for home loans in a short period of just 59 minutes. Starting in September, the online portal “PSB Loans in 59 Minutes” offers approval in principle for personal loans.

The facility can be used through 19 public sector banks, including SBI, Punjab National Bank, Bank of Baroda and Union Bank of India. The goal is to make the home loan approval process quick and hassle-free. Launched in 2018, “PSB Loans in 59 minutes” allows rapid loans to be granted to micro, small and medium-sized businesses.

Who are all eligible?

  • You must have a bank statement from the last six months. For businessmen, freelancers or professionals, you must have filed their RTI 3 or 4 as the case may be. You must also submit an electronic statement of your bank account.

Required documents:

  • If a person has not filed an RTI in the past year, they can provide details of their income on the portal. Bank statements for the last six months in PDF format are also required. Applicants must also download basic and employment details in order to qualify for the home loan.

How it works:

  • By mentioning that OTP, the borrower must register on the “PSB Loans in 59 Minutes” portal. Then you need to select the home loan option and upload the documents. The borrower can compare the amount, interest rate and processing fees offered by various banks and select accordingly.

  • “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. “, says the press release. approval in principle, the loan should be sanctioned / disbursed within 7-8 working days.

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