State Bank of India Starts Online Quick Loan Solution For MSMEs

The closure of the loan on the due date is automated and is carried out by the system.

The closure of the loan on the due date is automated and is carried out by the system. Published: July 1, 2024 4:28 PM IST By Edited by To facilitate MSME loans with a fast turn-around time, the State Bank of India (SBI) has unveiled a web-based digital business loans solution for the Ministry of Micro, Small and Medium Enterprises (MSMEs’) Invoice Financing. The digital business loan solution, “MSME Sahaj – End to End Digital Invoice Financing,” is designed to offer a comprehensive range of services from loan application, documentation, to the disbursement of the approved loan in under 15 minutes, all without manual intervention. As per the bank’s announcement on Monday, the loan closure process on the due date is automated and executed by the system itself. The release asserted that using “MSME Sahaj”, the bank’s customers can avail finance against their GST-registered sales invoices of up to Rs 1 lac in less than 15 minutes. The purpose of the product is to provide “on tap” short-term credit for working capital needs to Micro SME units that are part of the GST regime. According to the bank, the product will be accessible digitally via the ‘Yono’ application for existing customers. The product is also designed to serve the sole proprietorship non-credit customers of SBI who maintain a satisfactory current account with the bank. Dinesh Khara, Chairman, of SBI, said SBI is committed to setting new industry benchmarks by introducing Digital Solutions in SME Business Loans. “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. MSME Sahaj is a result of our endeavour to integrate innovation and customer-centric approach to revolutionize the MSME lending universe, reducing human intervention and enhancing the ease of doing business,” Khara added. Vinay Tonse, MD – Retail Banking and Operations, SBI said, “MSME Sahaj – Digital Business Loans for Invoice Financing will offer a unique proposition to our existing Micro SME units who are part of the GST regime to get immediate “on tap” short term credit for working capital requirement through digital mode on SBI’s Yono B. (With ANI inputs) For breaking news and live news updates, like us on or follow us on and . Read more on Latest on . Topics