365Telugu.com online news,Mumbai, June 12, 2024:State Bank of India (SBI), the nation’s largest bank, has once again set a new standard in MSME lending with the launch of ‘SME Digital Business Loans’.
MSME advances have been identified as the focal point for the Bank’s growth and profitability over the next five years and this innovative product marks a significant leap forward in digitalization by offering SMEs a digital loan journey with an end-to-end sanction turnaround time of up to 45 minutes.
The proposition eliminates the need for traditional credit underwriting and lengthy appraisal processes, ushering in a new era of simplicity, speed, and accessibility in MSME lending. Notably, for loans up to Rs 50 lakhs, SBI has waived the requirement for financial statements, relying instead on transaction history and GST returns for appraisal.
With a steadfast commitment to supporting the growth and aspirations of millions of MSME units across the country, SBI has been a pioneer in the MSME lending space.
The bank’s commitment to promote this segment is evident as it registered 20% credit growth in SME Segment and the outstanding credit to SME borrowers crossed the mark of Rs 4.00 lacs crore.
This innovative offering will be readily accessible to customers through all channels of the bank, including its website, branches, SME Centres, as well as Internet platforms. Looking ahead, SBI aims to broaden accessibility by extending availability across all its CSP partner touchpoints and via QR codes at outdoor touchpoints in the coming months.
Dinesh Khara, Chairman, SBI, said, “We are committed to set a new industry benchmark with SME Digital Business Loans, underscoring our constant efforts to drive innovation in MSME lending.
We have seamlessly integrated innovation with our customer-centric approach to revolutionize the MSME lending landscape, reducing human intervention and enhancing the ease of doing business, particularly for a segment previously characterized by high costs and manual processes.
By leveraging the rich data footprint of MSME units in the ecosystem, we aim to provide the fastest and most intuitive lending process, further solidifying our position as the leading MSME lender in the country.”
Echoing this sentiment, Vinay Tonse, MD – Retail Banking & Operations, SBI emphasized, “We are pioneering the combined potential of the MSME segment of the economy with disruptive digital innovation.
With the launch of SME Digital Business Loans, we are offering a unique proposition to both new and existing MSME relationships, ensuring in principle sanction within 45 minutes, ultimately empowering MSMEs to thrive in today’s dynamic business landscape.”
SBI’s unwavering focus on MSMEs extends beyond SME Digital Business Loans, with the bank digitizing the Mudra product and automating the collateral-free process for loans under CGTMSE cover. These initiatives underscore SBI’s commitment to broadening credit access and fostering the growth of MSMEs, driving economic prosperity and resilience.
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