SBI on Tuesday launched a specially designed 'SME Digital Business Loan' facility to provide loans to micro, small and medium enterprises (MSMEs). With its help, small businessmen will get a loan of up to Rs 50 lakh approved in 45 minutes.
Digital loans do not require human intervention
SBI said in an official statement, that the progress of MSMEs has been linked with the growth and profitability of the bank over the next five years. The loan process has been greatly simplified in the SME Digital Business Loan facility. This reduces the need for human intervention to a minimum. Bank Chairman Dinesh Khara said, that by taking advantage of the rich data footprint of MSME units, we aim to provide loans in the fastest and easiest way.
Approval within 10 seconds of submission of details
The loan approval process uses authentic data footprints from sources such as ITR, GST returns and bank statements. This reduces the time taken for approval. The bank claims that the loan is approved within 10 seconds after the required details are submitted.
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