State Bank of India (SBI), the largest public sector bank in India, has introduced a new web-based digital business loan solution specifically for small and medium enterprises (MSMEs).
Introduction of ‘MSME Sahaj – End to End Digital Invoice Financing’
SBI’s new offering, ‘MSME Sahaj – End to End Digital Invoice Financing’, aims to provide quick loans to MSMEs without the usual hassles of paperwork and long processing times.
Under this facility, MSMEs can apply for loans and receive the loan amount within 15 minutes, all through a digital platform. Importantly, no external assistance is required throughout the entire process.
Key Features of ‘MSME Sahaj’
Instant Processing: The entire loan application, submission of documents, and loan disbursal can be completed in just 15 minutes.
Automatic Repayment: Loan repayment is automated, ensuring hassle-free transactions on the due date.
SBI assures that ‘MSME Sahaj’ allows MSMEs to obtain loans of up to Rs 1 lakh based on their GST registered sales invoice swiftly.
This initiative is tailored to provide essential financial support to small businesses, enabling them to operate efficiently.
Accessibility and Availability
The bank has integrated ‘MSME Sahaj’ into its digital platform, making it accessible to existing SBI customers via the ‘Yono’ app.
Additionally, small business owners who hold a current account with SBI, even if they are not existing customers, can also benefit from this facility.
SBI Chairman Dinesh Khara highlighted that ‘MSME Sahaj’ is designed to redefine business loan processes for small industries, emphasizing speed and convenience.
The initiative reflects SBI’s commitment to enhancing digital solutions for SMEs, facilitating easier access to financial resources for small business owners across the country.
