SBI Rolls Out Online Quick Loan Solution For MSMEs

State Bank of India (SBI) has introduced a digital business loans solution via the web for MSMEs’ Invoice Financing, aiming to expedite MSME loans.

Named “MSME Sahaj – End to End Digital Invoice Financing,” this solution has been developed to handle loan applications, documentation, and disbursement of sanctioned loans within 15 minutes, all automated without manual intervention.

According to a statement released by the bank on Monday, the system automatically closes the loan on its due date. Using “MSME Sahaj,” the bank’s customers can obtain financing against their GST-registered sales invoices of up to Rs 1 lakh in under 15 minutes. The product aims to offer readily accessible short-term credit for working capital to Micro SME units operating under the GST regime.

According to the bank, the product will be accessible through the digital platform of the ‘Yono’ application for existing customers. The release also mentioned that the product is designed to serve sole proprietorship customers of SBI who do not have credit history but maintain satisfactory current accounts with the bank. Chairman Dinesh Khara of SBI stated that SBI is dedicated to establishing new industry standards by introducing digital solutions in SME business loans.

“…MSME Sahaj is crafted with the vision of providing MSME units faster and easier finance using digital mode with self-initiated end-to-end journey. MSME Sahaj is a result of our endeavour to integrate innovation and customer-centric approach to revolutionize the MSME lending universe, reducing human intervention and enhancing the ease of doing business,” Khara added.

Vinay Tonse, MD – Retail Banking and Operations, SBI said, “MSME Sahaj – Digital Business Loans for Invoice Financing will offer a unique proposition to our existing Micro SME units who are part of the GST regime to get immediate “on tap” short term credit for working capital requirement through digital mode on SBI’s Yono B.”