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Understanding “PSB Loans in 59 minutes”

Understanding “PSB Loans in 59 minutes”

Retail borrowers, prior to the festive season, will be able to avail an in- principal approval for the home loans from Public Sector Banks in less than an hour. This facility will start from September on the online portal “PSB Loans in 59 minutes” and it will offer in- principal approval for retail loans. This facility can be availed in 19 public sector banks and that will include the SBI, PNB, Bank of Baroda and UBI. This will make home loan approvals faster, quicker and smoother.

‘PSB Loan in 59 Minutes’ was first launched in 2018 and was meant to grant quicker loans to the micro, small and medium enterprises. According to the MD of SBI, Anshula Kant, customers are glad that the services which were only available to MSMEs will now be made available to everyone. The borrowers will have multiple options to choose the bank as well as the product they want and in- principal approval of home loans of up to INR 10 crore on the portal can be granted.

Eligibility:

Anyone who is a salaried or a self-employed individual will be able to apply for home loans of up to INR 10 crore. They would have to file their income tax returns in ITR 1 or 2 as applicable and bank statements of last six months will have to be furnished. For businessmen, self-employed individuals or professionals, the ITR 3 or 4 has to be filed as applicable and an e-statement also has to be submitted.

Required documents:

It is required that home loan seekers upload at least one year’s income tax return documents.  The ITR 1,2 and 4 must be uploaded in PDF format and ITR 3 in XML format. In case one has not filed the ITR in the last one year, then the details of the same could be provided in the income tax portal. Mandatory documents like bank statements of the last six months in PDF format is also required and the applicants also need to upload basic employment details so that the home loan can be availed.

How does it work?

The home loan applicants will have to visit the portal and register with their name, email ID and mobile number after which an OTP will be generated and sent to their phones. By mentioning the OTP, the final registration can be completed on the portal of ‘PSB Loans in 59 minutes’. After that, one will select the home loan option one wants to go for and then upload the documents. Customers can compare the rates of interest and submit the processing fee demanded by other banks. The in- principal approval will be received through the portal in 59 minutes. Once all the information is uploaded, the system appraises the application, determines the loan amount and connects to the applicant’s branch all under 59 minutes. Once the in- principal loan is granted, it will take about 7 to 8 working days for the loan to be finally disbursed.

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