SBI unveils SME digital business loans

Published - June 11, 2024 08:10 pm IST - MUMBAI

State Bank of India (SBI) has announced the introduction of ‘SME Digital Business Loans’ for the MSME sector. The bank said MSME advances have been identified as the focal point for growth and profitability over the next five years  The bank said it would now offer SMEs a digital loan with an end-to-end sanction turnaround time of up to 45 minutes.    “The proposition eliminates the need for traditional credit underwriting and lengthy appraisal processes, ushering in a new era of simplicity, speed, and accessibility in MSME lending,” the bank said in a statement.  For loans up to Rs 50 lakh, SBI has waived the requirement for financial statements, relying instead on transaction history and GST returns for appraisal. It added.  This offering will be accessible to customers through all channels of the bank, including its website, branches, SME Centres, as well as Internet platforms. Vinay Tonse, MD - Retail Banking & Operations, SBI said, “We are pioneering the combined potential of the MSME segment of the economy with disruptive digital innovation.”

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