Thinking of taking a loan? Government bank will give loan in 59 minutes

However, now government banks are also preparing to provide retail products like housing and auto loans on psbloansin59minutes. Bank is expanding its loan portfolio with the help of psbloansin59minutes portal.

These banks will facilitate:

Let us tell you that on the psbloansin59minutes portal, State Bank of India (SBI), Bank of India (BOI) and Corporation Bank have given in-principle permission to give loans up to Rs 5 crore to MSMEs. Bank of India plans to deliver its retail products to customers with the help of this portal. Bank of India (BOI) is working on this scheme. General Manager of Bank of India (BOI) said, “With the help of this portal, home and auto loan facilities will be provided to the customers.”

However, apart from this Indian Overseas Bank (IOB) is also working on this scheme. Indian Overseas Bank (IOB) is getting good response from psbloansin59minutes platform. Now Indian Overseas Bank (IOB) is not only considering increasing the MSME loan limit to Rs 6 crore, but also considering retail (home and auto loans) on this portal in the near future.

According to a senior official of another government bank, if products like home and auto loans are launched on the psbloansin59minutes platform, the bank’s retail business will expand, apart from this, transaction problems will also be reduced.

Apply like this for Micro, Small and Medium Enterprises

With the help of the psbloansin59minutes platform, MSMEs now get an eligibility letter and in-principle approval in 59 minutes when they apply for a loan. Apart from this, they can also make their own choice in the bank. After receiving the approval letter, the loan is available within 7-8 days.

Prime Minister Narendra Modi launched the psbloansin59minutes portal in 2018. Within 4 months of launch, 35000 crore loans were approved in principle with the help of this portal. 50706 applications have received in-principle approval in psbloansin59minutes portal till 31 March 2019.