SBI launches 'SME Digital Business Loans', to sanction loans in 45 minutes

State Bank of India (SBI) has launched 'SME Digital Business Loans' to sanction loans within 45 minutes, focusing on the MSME sector for growth. This digital product simplifies and speeds up the loan process, eliminating traditional credit underwriting. For loans up to Rs 50 lakh, SBI waives financial statement requirements, using transaction history and GST returns instead. \r

The data-driven credit assessment engine can provide decisions in 10 seconds. Chairman Dinesh Khara emphasized the innovation and speed of this service, aiming to strengthen SBI's position as the leading MSME lender. SBI’s SME loan portfolio grew from Rs 2.67 trillion in March 2020 to Rs 4.33 trillion in March 2024, with improved asset quality and reduced NPAs from 9.43% to 3.75%.