NEW DELHI New Delhi: To ensure easy and adequate credit availability to the MSME sector, State Bank of India (SBI) is planning to increase the existing limit of Rs 5 crore under the instant loan scheme.'MSME Sahaj – End to End 'Digital Invoice Financing' offers multiple solutions ranging from applying for loan, documentation and disbursement of approved loan within 15 minutes without any manual intervention.
“We have launched a business rule engine based, data driven assessment last year for loan limits up to Rs 5 crore,” SBI Chairman C S Setty told PTI in an interview. All you have to do is give your PAN and approval for sourcing GST data, we can give approval in 15-45 minutes.” He said simplification of MSME loans is something the bank is emphasizing on and the lending is backed by CGTMSE guarantee. Making supported cash flow based.
He said this reduces the need for collateral, which will enable many people to come into the formal MSME lending system. “We still have a large number of MSME customers who are using informal loans,” he said. Would like to bring within the scope of.” As far as network expansion is concerned, Shetty said SBI plans to open 600 branches across the country in the current financial year. As of March 2024, SBI has a network of 22,542 branches across the country. “We have strong branch expansion plans… It will mainly focus on emerging sectors. Many residential colonies do not come under our purview. We are planning to open around 600 branches in the current year,” he said. ”
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