In a groundbreaking move, State Bank of India (SBI) has launched ‘SME Digital Business Loans’, aiming to sanction loans within an astonishing 45 minutes. Recognizing the pivotal role of micro, small, and medium enterprises (MSMEs) in its growth strategy, SBI has streamlined the borrowing process, eliminating traditional credit underwriting and appraisal procedures.
SBI’s innovative product offers SMEs a seamless digital loan journey, drastically reducing turnaround time and simplifying the lending process. Leveraging data from income tax returns (ITR), GST returns, and bank statements, SBI has developed a data-driven credit assessment engine capable of providing sanction decisions within an impressive 10 seconds, without human intervention.
Notably, 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. This move enhances accessibility for smaller businesses and expedites the loan approval process.
Dinesh Khara, Chairman of SBI, emphasized the bank’s commitment to setting a new industry benchmark in MSME lending. By harnessing the rich data footprint of MSME units, SBI aims to provide the fastest and most intuitive lending process, solidifying its position as the leading MSME lender in the country.
SBI’s focus on MSME lending has yielded impressive results, with its outstanding SME book rising significantly over the years. Moreover, the asset quality of this book has shown notable improvement, with gross non-performing assets declining substantially.
Straits are narrow passages of water that connect two larger bodies of water, playing a…
India, the seventh-largest country in the world, is known for its rich cultural heritage and…
The Inter-American Development Bank (IDB) has partnered with the United Nations Development Programme (UNDP) to…
Dwayne Bravo has confirmed his retirement from all cricket after his final season in the…
India has been elected to the 15-member GlobE Steering Committee, which focuses on combating corruption…
Prime Minister Narendra Modi virtually launched three PARAM Rudra supercomputers on September 26, 2024, emphasizing…