Loan approval within 45 minutes

Country’s largest bank State Bank of India (SBI) has once again set a new benchmark in MSME lending with the launch of ‘SME Digital Business Loan’. MSME Advances has been identified as a focal point for the bank’s growth and profitability over the next five years and this innovative product offers SMEs a digital loan journey with an end-to-end approval turnaround time. Marks a significant leap in digitization. up to 45 minutes.

SME Digital Business Loans leverages advanced technology and a robust ecosystem of APIs to streamline the lending process. Using authentic data footprints from sources such as ITR, GST returns and bank statements, the bank has developed a data-driven credit assessment engine that, upon submission of the required details, delivers remarkable results without any human intervention. Able to provide approval decisions within seconds.

The proposal eliminates the need for traditional credit underwriting and lengthy appraisal processes, ushering in a new era of simplicity, speed and accessibility in MSME lending. Specifically, for loans up to Rs 50 lakh, SBI has waived the requirement of financial statements, relying on GST returns for transaction history and valuation.

With a strong commitment to support the growth and aspirations of lakhs of MSME units across the country, SBI is a pioneer in the MSME lending space. The bank’s commitment to promoting this segment is evident as it has registered 20 percent credit growth in the SME segment and outstanding loans to SME borrowers have crossed Rs 4.00 lakh crore. This innovative offering will be easily accessible to customers through all the bank’s channels including its website, branches, SME centers as well as internet platforms. Looking ahead, SBI aims to expand its reach in the coming months by increasing availability at all its CSP partner touch points and external touch points through QR codes.

Shri Dinesh Khara, Chairman, SBI, said, “We are committed to setting a new industry standard with SME Digital Business Loan, emphasizing our continued efforts to innovate in MSME lending. We have seamlessly integrated innovation with our customer centric approach to revolutionize the MSME lending landscape, reducing human intervention and increasing ease of doing business, especially for this segment. Leveraging the rich data footprint of MSME units in an ecosystem that was previously characterized by high costs and manual processes, we aim to further consolidate our position as the leading MSME lender in the country. And to provide the most intuitive lending process.

Echoing this sentiment, Shri Vinay Tunis, MD – Retail Banking & Operations, SBI asserted, “We are driving the combined potential of the MSME segment of the economy with disruptive digital innovation. With the launch of Digital Business Loans, we are offering a unique proposition for both new and existing MSME relationships, ensuring in-principle approval within 45 minutes, ultimately enabling MSMEs to thrive in today’s dynamic business landscape. Empowering for

SBI’s unwavering focus on MSMEs extends beyond SME digital business loans, with the bank digitizing the Mudra product and automating the collateral-free process for loans under the CGTMSE cover. These initiatives underline SBI’s commitment to widen access to credit and promote the growth of MSMEs, driving economic prosperity and resilience.



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