Banks start in-principle approval of retail loans in 59 minutes

MUMBAI: Online loan platform PSB Loans in 59 Minutes has launched in-principle retail loan approval for home and personal loan customers. The platform is currently offering loan approvals to MSME sector.

"We are extending home and personal loan for loan aspirants through '59 minutes portal'. We are glad that the benefits of this platform which was made available to MSMEs will be available to everyone," State Bank of India's managing director PK Gupta said in a release.

The platform will soon launch in-principle approval for auto loans. The applicants will get an in-principle approval for loans within 59 minutes through 19 public sector banks including names like SBI, Punjab National Bank, Bank of Baroda and Union Bank of India.

PSB Loans in 59 Minutes functions through advanced algorithms to analyze data points from several sources such as income tax returns and bank statements, among others.

Once an applicant uploads the 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.