Now, SBI customers can get business loan within 15 minutes; here’s how
Now, SBI customers can get business loan within 15 minutes; here’s how
Scrap: MSME Sahaj is crafted with the vision of providing MSME units faster and easier finance using digital mode with a self-initiated end-to-end journey.
Date: July 1, 2024
The country’s largest bank, State Bank of India (SBI), has now launched “MSME Sahaj – End to End Digital Invoice Financing”, a digital business loans solution for MSMEs’ invoice financing. It aims at facilitating Micro, Small and Medium Enterprises (MSME) loans with a fast turn-around-time.
The web-based digital solution has been developed that will provide solutions ranging from applying the loan, documentation and disbursement of the sanctioned loan within half an hour, without any manual intervention.
The bank is committed to set a new benchmark in the industry by introducing digital solutions in SME business loans, said SBI Chairman Dinesh Khara.
According to an official statement released by the bank, it stated that using “MSME Sahaj”, the bank’s customers can avail finance against their GST-registered sales invoices of up to ₹1 lac in less than 15 minutes. Additionally, the closure of the loan on the due date is also automated and is carried out by the system itself.
It will be made available on Yono app to the existing customers of SBI and will address the liquidity issues of MSMEs to unlock the cash flows instantly.
The object of this will be to provide “on tap” short term credit for working capital needs to Micro SME units who are part of the GST regime. Moreover, it is also meant to cater to sole proprietorship non-credit customers of SBI having satisfactory current accounts with the bank.
