Mumbai (Maharashtra) [India], July 1 : Lender State Bank of India (SBI) has unveiled a web-based digital business loans solution for MSMEs' Invoice Financing, aimed at facilitating MSME loans with a fast turn-around-time.
The solution, named "MSME Sahaj - End to End Digital Invoice Financing", has been developed that will provide solutions ranging from applying the loan, documentation and disbursement of the sanctioned loan within 15 minutes, without any manual intervention.
According to a release from the bank put out on Monday, the closure of the loan on the due date is also automated and is carried out by the system itself.
Using "MSME Sahaj", the bank's customers can avail finance against their GST-registered sales invoices of up to Rs 1 lac in less than 15 minutes, the release asserted.
The purpose of the product is to provide "on tap" short term credit for working capital needs to Micro SME units who are part of the GST regime.
As per the bank, the product will be made available through digital mode on 'Yono' application to the existing customers
The product, the release noted, is also meant to cater to sole proprietorship non-credit customers of SBI having satisfactory current account with the bank.
Dinesh Khara, Chairman, of SBI, said, SBI is committed to set new industry benchmark by introducing Digital Solutions in SME Business Loans.
"...MSME Sahaj is crafted with the vision of providing MSME units faster and easier finance using digital mode with self-initiated end-to-end journey. MSME Sahaj is a result of our endeavour to integrate innovation and customer-centric approach to revolutionize the MSME lending universe, reducing human intervention and enhancing the ease of doing business," Khara added.
Vinay Tonse, MD - Retail Banking and Operations, SBI said, "MSME Sahaj - Digital Business Loans for Invoice Financing will offer a unique proposition to our existing Micro SME units who are part of the GST regime to get immediate "on tap" short term credit for working capital requirement through digital mode on SBI's Yono B.
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