State Bank of India (SBI), the country’s largest public sector bank, has introduced a new digital solution for small and medium enterprises (MSMEs) called ‘MSME Sahaj – End to End Digital Invoice Financing’.
This innovative service aims to provide fast and efficient loan processing for MSMEs.
Features of ‘MSME Sahaj’
Quick Loan Approval: Loans can be approved in just 15 minutes. The entire process, from application to disbursement, is completed online without requiring any external assistance.
Automatic Loan Repayment: Loan repayment is automated, ensuring payments are made on the due date without manual intervention.
Loan Amount: MSMEs can avail loans up to Rs 1 lakh based on their GST registered sales invoices.
Accessibility: Available to existing SBI customers through the ‘Yono’ app. Also accessible to non-SBI customers who have a current account with the bank.
Benefits for Small Industries
This new facility is designed to help small industries that fall under the GST regime to quickly secure necessary funds for their business operations.
By using ‘MSME Sahaj’, small businesses can streamline their loan application process and receive funds rapidly, aiding in smoother business continuity and growth.
SBI’s Commitment to Digital Solutions
SBI Chairman Dinesh Khara emphasized the bank’s commitment to enhancing business operations by introducing digital solutions in SME business loans.
‘MSME Sahaj’ reflects SBI’s effort to make the loan process swift and convenient, ensuring small industries can access financial support digitally with ease.
