#PSB Loans in 59 Minutes :micro and small enterprises, five public sector banks have decided to extend in-principle approval of loan up to ₹5 crore under the “PSB Loans in 59 Minutes” How to apply for loan, read more information below
How to apply PSB Loans
- Applicants visit the portal and register with name, email id and mobile number.
- Then an OTP will be generated to the application’s mobile number. Enter the OTP and complete the registration process.
- Then select the Loan option and upload the required documents.
- The lender can choose the loan according to the amount, interest rate and processing fees offered by various banks.
Approved for personal loans within one hour via the portal ‘PSB Loans in 59 Minutes’. The scheme is available at more than 25 public sector banks and private banks, including State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda, Kotak Mahindra Bank and Union Bank of India.
PSB Loans in 59 Minutes’ is an online platform which allows micro, small and medium enterprises to lend quickly. The project was launched in 2018. Borrowers will have many options to choose between the bank and the service they are interested in.
Applicants can compare the interest rates offered by various banks and make a final decision before applying for a loan. Borrowers do not need to have that particular bank account to get the loan. Applicants can get personal loans up to Rs 15 lakh.
Any salaried person between the ages of 20 and 70 can apply for a personal loan within 59 minutes. Apply via PSB Loans in 59 minutes portal. Usually, banks will consider the applicant’s monthly income and loan repayment history to determine the loan amount.
Income tax return records of the last three years are required to be uploaded. ITR Form 1 and ITR Form 2 must be uploaded in PDF format. If the ITR has not been filed within the last one year, they can provide details of their income on the portal. The same applies to those who do not need to file ITRs. Bank statements in the last six months in PDF format are also required. If the creditor does not have valid bank account statements for the past six months, the loan will not be granted. Salaried individuals are required to upload bank statements of the salary account.