Get Home, Auto, Personal Loans In 59 Minutes From Banks: How Will This Work?

We all know the long, never-ending procedures for obtaining loans from banks: The long paperwork, multiple visits to the banks and more red tape till the final approval comes.

Govt. is keen to make the process simplified, and seamless. 

Very soon, banks, especially public sector banks will be able to provide instant loans for purchasing home, car in flat 59 minutes.

How will it work?

Get Loan Approval In 59 Minutes Flat

Recently, Union finance minister Nirmala Sitharaman held a meeting with key stakeholders of the financial world, which included senior finance ministry officials and top executives of banks including State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank.

The objective was to generate more demand, and to boost the economy.

And the first step towards this is approving loans quickly, and easily.

One of the key suggestions made was loan approval for citizens in 59 minutes flat. If we believe the reports, then public sector banks will soon initiate a new process, wherein customers can get home loan, auto loan and personal loan within an hour.

Finance Ministry, in a statement said, “Today’s meeting is the first of a series of meetings that the finance ministry is convening to discuss current economic issues with key stakeholders, including some of the industry sectors whose growth has been affected in recent months,”

Loan Approval In 59 Minutes: How Will It Work?

The entire framework for 59-minute loan process in banks will be based on The MSME Outreach Programme, wherein SMEs and small entrepreneurs can get loans for expanding their business in 59 minutes flat. Loans starting from Rs 1 crore upto Rs 5 crore can be provisioned under this program.

This facility for SMEs and small entrepreneurs was launched last year during Diwali, and a website was launched for the same purpose: https://www.psbloansin59minutes.com/home

And it worked quite well. Till July 17th, 1.3 million loans have been approved for small and medium scale entrepreneurs via this platform. 

SMEs need to enter the following information, based on which, ‘inprinciple’ loans are approved within 59 minutes:

GST Number

Income tax returns in XML formats

Last 6 months bank statements

Details of the Directors/owners

Now, the same principles and the technology will be used for granting instant, 59-minute loans for consumers as well.

A senior executive from a bank said, “It certainly helps borrowers as it makes the process easy for them, but banks will not give loans without proper verification and documentation. Extending the same for personal and housing loans may help revive demand in sectors such as automobiles,”

We will keep you updated, as more details come in.

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