MSME will get a loan up to 50 lakhs in 45 minutes, SBI launches 'SME Digital Business Loan' facility
Loan: The country's largest public sector bank SBI has launched 'SME Digital Business Loan' facility for MSMEs. Through this MSMEs will get a loan of 50 lakh crores in 45 minutes.
SBI on Tuesday launched the 'SME Digital Business Loan' facility specially designed to provide loans to micro, small, and medium enterprises (MSMEs). With its help, small businessmen will get a loan of up to 50 lakhs approved in 45 minutes.
SBI said in an official statement, the progress of MSMEs has been linked with the growth and profit of the bank in the next five years. The loan process has been made very simple in the SME Digital Business Loan facility. This reduces the need for human intervention to a minimum. Bank Chairman Dinesh Khara said, our aim is to provide loans in the fastest and easiest way by taking advantage of the rich data footprint of MSME units.
The loan approval process relies on authentic data footprints from sources such as ITRs, GST reports, and bank statements. This decreases the time required for approval. The bank states that the loan is approved in 10 seconds after the necessary information is submitted.
