The State Bank of India has launched a new product to provide a short-term working capital demand loan to its MSME clients. The new initiative, called SME Assist, would offer loans to MSME customers on the basis of their input credit claims under Goods and Services Tax (GST).
The loan processing fee under the scheme is Rs 2,000. The companies applying for a loan under the product have to provide a certificate from their chartered accountant confirming the input credit claims. Under the scheme, the SME borrowers would have a moratorium period for the first three months.
Important Takeaways from Above News-
- SBI headquarters in Mumbai, Maharashtra.
- It was established on 1 July 1955.
- Rajnish Kumar is the present Chairman of SBI.
Source- The Hindu