SBI launches 45-minute digital loan facility for MSMEs; check details

India’s largest public sector bank, SBI, is enhancing its MSME loan offerings with the launch of 'SME Digital Business Loans,' enabling loan sanctions within 45 minutes. The initiative, aimed at boosting MSME growth and profitability over the next five years, leverages data from ITR, GST returns, and bank statements. \r

SBI’s new data-driven credit assessment engine can provide sanction decisions within 10 seconds without human intervention. Chairman Dinesh Khara emphasized the fast, intuitive lending process. Loans up to Rs 50 lakh won't require financial statements, relying on transaction history and GST returns. SBI aims to broaden loan accessibility through branches, the website, SME Centres, CSP partners, and QR codes. \r

Additionally, SBI has digitized Mudra loans and automated collateral-free loans under CGTMSE cover for MSMEs.