SBI has introduced a new loan facility for MSMEs called MSME Sahaj to avail credit against their GST-registered sales invoices of up to Rs 1 lakh

Image source: Reuters Jul 02, 2024 Mohammed Ramees

The public lender said MSMEs can get a loan within 15 minutes from applying to disbursement of the amount without any manual intervention

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The loan underwriting will be based on multiple data points such as GSTIN, bank statements, CIC database etc

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SBI said the loan closure on the due date would also be automated for MSME borrowers

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The existing MSME customers of SBI can avail of the facility through the SBI Yono digital service

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Recently, SBI had also launched its SME Digital Business Loans initiative to sanction up to Rs 50 lakh loan within 45 minutes

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Eligible MSMEs will able to apply for credit under the new solution via all channels including SBI’s branches, website, and SME Centres

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The bank had digitally sanctioned 20,000 SME loans of Rs 10-50 lakh in the last six months, deputy managing director Surender Rana had said at an event on June 14

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Overall, Indian MSME sector had raised Rs 24.6 lakh crore in bank credit under priority sector lending in April this year in comparison to Rs 20.84 lakh crore during April 2023

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