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New Delhi: The State Bank of India (SBI) has come out with ‘SME Digital Business Loans’, to sanction loans within 45 minutes, to micro, small, and medium enterprises (MSMEs). This step will digitalise MSME lending, offering a simplified, end-to-end load process, and replace traditional credit underwriting and lengthy appraisal processes with a faster, more accessible system.
SBI has ended the need for financial statements of loans amounting up to Rs 50 lakh and will rely on transaction history and GST returns instead. The data-driven credit assessment engine of the bank uses income tax returns, GST returns, and bank statements to authorise decisions in just 10 seconds, without the requirement of human intervention.
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