The “PSB loans in 59 minutes” portal started its in-principle approval of retail loans in 59 minutes on 5 September 2019. The government initiative allows borrowers to apply for a loan from a wide number of public and private banks under a single umbrella without having to visit a bank branch.
What is the portal called?
The portal is www.psbloansin59minutes.com.
What kind of loans can one avail from PSB Loans In 59 Minutes?
- Small business loans (term loan and working capital loans): Rs 1 lakh to Rs 5 crore
- Personal loans: up to Rs 15 lakh
- Home loans: up to Rs 10 crore
How does it work?
The psbloansin59minutes portal is integrated with advanced algorithms that allow an analysis of data with sources like GST (goods and service taxes) data, ITR (income tax returns), Bank Statement, Fraud Check, Bureau Check, etc to help reduce the in-principle approval time of a loan from days to less than 59 minutes. It enables banks to perform their credit decisions faster and also lets them customise loan products according to their policies.
Post receiving an in-principle approval letter, the loan is expected to be sanctioned/ disbursed in around 7-8 working days. The platform is currently being used by a majority of the public sector banks and a good number of private sector banks as well as NBFCs (non-banking finance companies).
Who can apply for home loans on psbloansin59minutes?
Only individuals can apply for a home loan, be it a salaried individual, self-employed or a professional.
Eligibility criteria
For salaried individuals:
- Should have filed their income tax returns in ITR-1 or 2, as applicable.
- Must have e-bank statements for the last 6 months.
For businessman, self-employed, professionals:
- Should have filed income tax returns in form ITR 3 or 4, as applicable.
- Must have e-bank statements for the last 6 months.
Further, loan eligibility is determined by factors set by the lending bank by taking into consideration individual’s and co-applicant’s (if entered) income, repayment capacity, existing credit facilities and other factors, if any.
Documents required
1. Income tax details:
It is mandatory to upload latest 1-year’s ITR. Upload the latest ITR (1/2/3 or 4 as applicable) in XML/PDF format as applicable:
- ITR 1,2 and 4- PDF format
- ITR 3- XML format
The platform requires the ITR form of borrowers to be uploaded. If the borrower uploads ITR-V (acknowledgement of filed ITR), the same will not be accepted.
2. Bank Statement:
Bank statements for last 6 months in PDF format. The borrower can upload statements for a maximum 3 bank accounts on the platform. The bank statement should be either downloaded from net banking facility or as received in e-mail from the bank. Scanned/converted PDF files will not be accepted by the platform.
3. Borrower’s personal details.
4. Co-applicant’s documents-ITR and bank statement.
Note: It is not mandatory to add a co-applicant to avail home loan in-principle approval. It is also not mandatory to provide details related to ITR or Bank Statements of co-applicant(s) unless his/her income is considered for computation.
Adding a co-applicant might increase the chances of higher loan eligibility.
5. Details about the loan required.
How to apply?
- Visit www.psbloansin59minutes.com
- Click on “Register” on the top right corner and register using name, mobile number and email ID.
- Select “Personal Loan/ Home Loan” option.
- Provide the required details.
Can you apply for two kinds of loans simultaneously?
No. You have to choose between home, personal or business loan.
Registration fee
According to the website, there is no registration fee to apply for these loans.
What happens after you receive in-principle approval?
The in-principle approval is based on the data provided by the borrower. Next, the preferred lender (as selected by the borrower) will conduct thorough due diligence and decide on whether to sanction/disburse/reject the proposal. The final decision rests in the hands of the bank.
How to check application status?
On receiving In-principle approval, the borrower can check the status of his/her application on the web portal under “My Applications” tab after login with registration details. Alternatively, you can check the status here.
