For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Public Sector Banks To Introduce Auto, Home Loans Under 59 Minutes Loan Scheme

By Staff
|

To expand their retail loan businesses, public sector banks (PSBs) are gearing up to introduce retail products, including housing and auto loans, on 'psbloansin59minutes' portal.

Public Sector Banks To Introduce Auto, Home Loans Under 59 Minutes Loan Scheme
 

The portal was originally introduced to provide in-principle approval for loans of up to Rs 1 crore to micro, small and medium enterprises (MSMEs) in just 59 minutes or less than an hour. However, some of the banks including State Bank of India, Union Bank of India, and Corporation Bank decided to extend in-principle approval to loans of up to Rs 5 crore through the portal.

Bank of India is also planning to onboard some of the retail products on the portal for easier access to loan products, a PTI report said.

Indian Overseas Bank (IOB), which has been actively participating on the portal for the sanction of MSME loans is also going to explore the portal for retail products.

"As the scheme has drawn healthy response from the borrowers, bank is in the process of extending in-principle sanction for loans up to Rs 5 crores under MSME. In due course of time, bank will also offer retail products (housing loan & personal loan) under this platform," it said in a statement last week.

If other products are introduced on the platform, it will help expand the retail businesses of these banks and also bring down the transaction cost.

The platform has helped reduce turnaround time for loan processes in such a way that MSMEs get an eligibility letter and in-principle approval in 59 minutes and can choose the bank of their choice. After the approval letter is received, the loan is expected to be disbursed in 7-8 working days.

Story first published: Wednesday, August 21, 2019, 10:23 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more