SBI, PNB others to provide loan in under 1 hour! Get quick money, know how to apply

Bank loan: Yes, money on tap will be made available by public sector banks to all borrowers. Applicants can now get an in-principle approval for loans within 59 minutes through 19 public sector banks including STate Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda and Union Bank of India.

P K Gupta, MD, SBI said, ''We are delighted to extend home and personal loan for loan aspirants through '59 minutes portal'. The platform is revolutionizing the retail lending since its launch in November 2018 and we hope to roll out more products through this portal in the coming days.  We are glad that the benefits of this platform which was made available to MSMEs will be available to everyone.''

How to apply for a bank loan

‘PSB Loans in 59 Minutes’ functions through advanced algorithms to analyze data points from several sources such as Income Tax returns, Bank Statements, etc. 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.

Quick and hassle-free loans

The customers will get multiple options to choose a bank with a suitable offering at the completion of a digital journey. This will provide the loan aspirants quick and hassle-free access to home and personal loans whether or not they have banking and financial relationship with the available list of banks.

What is 'PSB Loans in 59 Minutes'

'PSB Loans in 59 Minutes' aims at the automation of various processes in loan appraisals in such a way that Retail loan customers & MSMEs get an eligibility letter and an in-principle approval in 59 minutes and can choose the bank of their choice. The value of the contactless loans offered ranges from Rs 1 lakh up to Rs 5 crore. The solution uses advanced algorithms to analyze data points from various sources such as IT returns, GST data, bank statements, etc.