SBI, Bank of Baroda, Kotak Mahindra Bank offer personal loan in 59 minutes. How it works

SBI, Bank of Baroda, Kotak Mahindra Bank offer personal loan in 59 minutes. How it works

Applicants needs to visit the portal and register using his/her name, email ID and mobile number (Photo: Reuters)

Banks have now started offering in-principle approval of personal loan in less than an hour on ‘PSB Loans in 59 Minutes’ portal from this September. More than 25 public and private sector banks, including the State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda, Kotak Mahindra Bank and Union Bank of India will approve in-principle loan amount in just 59 minutes. Applicants needs to apply for the personal loan via ‘PSB Loans in 59 Minutes’ portal.

Launched in 2018, ‘PSB Loans in 59 Minutes’ is an online platform which used to grant quick loans to micro, small and medium enterprises (MSMEs).

Borrowers will have a host of options to choose the bank and the product they like. One can compare the interest rates offered by different banks and finalise anyone before applying for the loan. Borrowers do not need to have an account with that particular bank to avail the loan. Applicants can get a personal loan of up to 15 lakh.

Eligibility:

Any salaried individual aged between 20 to 70 years will be eligible to apply for personal loans through ‘PSB Loans in 59 Minutes’ portal. Usually banks consider applicant’s monthly income and loan repayment history to determine the loan amount.

Documents required:

One needs to upload a maximum of last three year’s income tax return documents. ITR Form 1 and ITR Form 2 needs to be uploaded in PDF format. If one has not filed ITR in the last one year, he/she can provide the details of their income on the portal. Same is applicable for those who are not required to file ITR. Bank statements of the last six months in PDF format are also required. If the borrower does not have valid bank account statements for past six months, the loan will not be granted. Salaried individuals need to upload bank statements of the salary account.

Basic details of the borrowers is also required to avail the loans.

How it works:

Applicants needs to visit the portal and register using his/her name, email ID and mobile number. Then an OTP will be generated to his/her mobile number. Mentioning that OTP, the borrower needs to register on ‘PSB Loans in 59 Minutes’ portal. Then one needs to select home loan option and upload the documents. The borrower can compare the amount, rate of interest and processing fees offered by various banks and select accordingly.

Through the web portal, an applicant can get an in-principle approval in just 59 minutes.

[“source=livemint”]