Now MSMEs looking to raise loan from SBI can expect quicker disbursement with the bank’s new 45-minute loan approval programme

Image source: Forbes Jun 26, 2024 Mohammed Ramees

SBI has launched its 'SME Digital Business Loans' initiative, aiming to approve loan requests from MSMEs within 45 minutes

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The new initiative will use authentic data sources such as ITR, GST returns and bank statements to underwrite loans

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SBI said it has developed a data-driven credit assessment engine to enable sanctioning within 10 seconds post submitting the required details, without human intervention

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MSMEs can raise up to Rs 50 lakh loan based on transaction history and GST returns instead of financial statements

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Eligible MSMEs can apply for credit under the new solution via all channels, including SBI’s branches, website, and SME Centres.

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SBI said it will also broaden its accessibility across all its CSP partner touchpoints and via QR codes at outdoor touchpoints in the coming months

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The bank has also digitized its Mudra loans and automated the collateral-free process for CGTMSE loans

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SBI’s credit card issuing arm, SBI Card in Sept last year had launched the SimplySAVE Merchant SBI Card for short-term credit to MSMEs

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