PSBloansin59minutes.com on Thursday announced in-principle home and personal loan approvals to retail customers from public sector banks (PSBs) within 59 minutes. The move comes after the success of the platform’s loan approvals for Micro, Small and Medium Enterprises (MSMEs) in the same duration.

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The facility can be availed through 19 public sector banks, including the State Bank of India, Punjab National Bank, Bank of Baroda and Union Bank of India, among others.

The platform will soon launch in-principle approval for auto loans as well.

“We are delighted to extend home and personal loan for loan aspirants through ‘59 minutes portal’,” PK Gupta, managing director, SBI, said.

“The platform is revolutionizing the retail lending since its launch in November 2018 and we hope to roll out more products through this portal in coming days. We are glad that the benefits of this platform which was made available to MSMEs will be available to everyone”, Gupta added.

On the methodology of its latest initiative, psbloansin59minutes.com explained: “‘PSB Loans in 59 Minutes’ functions through advanced algorithms to analyze data points from several sources such as income tax returns, bank statements etc.

“Once an applicant uploads required information, the proprietary algorithms on the website appraise the application, determine the loan amount that can be sanctioned and then connect the applicant to the banks branch — all in under 59 minutes.”