PSU banks will soon offer home loans and auto loans on a 59 minutes portal. The Government of India has launched this portal to offer quick and easy loans to businesses and citizens who wish to expand existing businesses.
The online platform is meant to increase bank’s loan business and ease the process of banking for both banks and customers. The portal gives in-principle approval for loans up to Rs 1 Crore. This is mainly for MSMEs, who can get loans in just 59 minutes. However, some banks like SBI, Union Bank of India and Corporation Bank decided to increase the loan amount and extend loans up to Rs 5 crores to customers.
If you are looking forward to availing a home loan or business loan through this portal; then you must know certain details on the 59 minutes loan before availing it. For a better understanding on the 59 minutes loan, let’s have a detailed article.
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This is an online portal which helps apply for business and home loans; using a streamlined online process and get loans at low interest rates starting from 8.5%.
The portal does not guarantee the sanctioning of loans. However, it does make the loan application process easy and saves time. You no longer have to visit the bank branch or stand in long queues at the bank.
You can get the loan approved in 59 minutes; based on the data provided by you on the portal. Post-approval, the lender will conduct proper verification of documents and then take a call on whether to sanction the loan. If approved, the loan will be disbursed within 7 to 10 days.
Though the final decision to sanction loans lies with the bank, the 59 minutes loan portal helps avoid the long queues at the bank and significantly reduces the time for loan disbursal.
To avail loans under this portal, you must keep your IT returns and your bank statements handy. For business loans, you must be GST compliant. Your eligibility to avail 59 minutes loan is determined based on the following factors:
While applying for the loan, you must submit the documents listed below. The documents help the bank conduct a proper verification and understand your profile. Therefore, it is important to inspect all your documents carefully before uploading them:
It is important that you understand that the 59 minutes loan portal has been introduced to ease the process of loan application and reduce the loan approval time. The PSB loan in 59 minutes is a system which focuses on the automation of the loan process, so that the applicant gets the eligibility letter and approval in less than an hour. Once you receive the approval, you can select the bank from which you wish to avail the loan. Listed below are some of the points that you must remember while applying for this loan:
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