Things to know about PSB Loans in 59 minutes | Fusion - WeRIndia

Those want to get approval for a home loan or personal loan within an hour can visit the new portal launched by some public sector banks.

The portal, PSB loans in 59 minutes started its in-principle approval of retail loans in 59 minutes on 5 September 2019.

Here are some interesting things to know about the portal:

• ‘PSB loans in 59 minutes’ portal provides business loans from ₹1 lakh to ₹5 crore, home loans up to ₹10 crore and personal loans up to ₹15 lakhs.
• There is no registration fee to apply for the loans.
• Salaried employees, self-employed or professionals can avail home loans.
• The salaried individuals should file their IT returns in ITR 1 or ITR2 forms and self-employed or professionals should file their ITR in ITR 3 or 4.
• In addition to that, one must upload their bank statement for the last six months.
• In addition to that, the applicant’s details are essential. Banks consider income, repayment capacity, existing loans and any other such things to provide a home loan.
• Adding co-applicant for a home loan is not mandatory. However, the addition of co-applicant will increase loan eligibility.
• If co-applicant is added, then his/her IT form and bank statement should also be uploaded.
• Individuals can avail personal loans for home renovation, education, marriage, vacation and any other needs.
• They should provide ITR details in XML or PDF format, bank statement of last six months, personal details and any other existing loan details.
• Business loans are provided to MSMEs. Businesses can get the working capital loan to meet day-to-day operations for a shorter duration or term loans for long-term needs.
• They have to provide basic details like GSTIN, ITR, Bank Statement and other required details.
• The in-principle loan amount would be approved within 59 minutes based on the details you enter.
• However, the loan disbursal is under the discretion of the bank. The banker will check and decide whether to sanction or reject the proposal.

Image Credit : InvestmentZen / CC BY 2.0

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