SBI, Kotak Mahindra and PNB is offering Personal Loan in 59 Minutes. Check How

Banks have recently started offering the personal loan in less than an hour on the portal- PSB loans in 59 Minutes. This has been started from this september.

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.

The PSB Loans in 59 Minutes is a portal which was launched in 2018. It is a platform where users can easily get quick loans. This is for micro, small and medium enterprises (MSMEs).

The users of the portal can compare the lending banks and choose the most affordable scheme in this portal. The applicants would need to submit minimal documents to apply. The ITR return of 2 years are required to submit. If someone has not filed the ITR then the applicant can submit the details of their income. The Bank statement of last six months is required to submit. For salaried individuals, the statement of the salary account is required.

The eligible candidates for this quick loan scheme can have any age between 20 to 70 years. The loan will be approved upto 15 lakhs under this scheme. The approval would be done on the basis of the income and the loan repayment history of the candidates.

The candidates can apply for it through the web portal. There they would need to enter their number and verify it with the OTP. After this candidates can register.