Loans On SBI “MSME Sahaj” Platform To Be Processed In 15 Min

ENA MSME 2024-07-02 13:06:16 New Delhi, Jul 2 (KNN) The State Bank of India (SBI) has unveiled MSME Sahaj, a cutting-edge digital business loans solution designed specifically for invoice financing for MSMEs. This innovative platform, developed as a data-driven credit assessment engine, marks a significant leap forward in the digital lending space. MSME Sahaj offers a comprehensive solution that streamlines the entire lending process, from application to disbursement, completing the entire cycle within a remarkable 15-minute timeframe. The system operates without manual intervention, leveraging machine learning models and authentic data from various sources, including GSTIN, bank statements, and credit information databases. The primary objective of MSME Sahaj is to address the pressing liquidity issues faced by Micro SME units operating within the GST regime. By providing on tap short-term credit for working capital needs, the platform aims to unlock cash flows instantly, offering loans of up to Rs. 1 lakh against GST-registered sales invoices. SBI Chairman, Shri Dinesh Khara, emphasised the bank's commitment to innovation in MSME lending, stating, 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. The platform will be accessible through SBI's YONO digital banking platform, catering specifically to existing SBI customers who are sole proprietors with satisfactory current accounts. This strategic move aligns with SBI's five-year focus on the MSME landscape, setting a new industry benchmark in digital lending solutions. Shri Vinay Tonse, MD - Retail Banking & Operations at SBI, highlighted the bank's pioneering efforts in combining the potential of the MSME segment with disruptive digital innovation. He emphasised that MSME Sahaj will offer a unique proposition to Micro SME units within the GST regime, providing immediate access to short-term credit for working capital requirements. The launch of MSME Sahaj represents a significant milestone in SBI's ongoing efforts to enhance the ease of doing business and drive innovation in the banking sector. (KNN Bureau) 38433 https://knnindia.co.in/news/newsdetails/msme/loans-on-sbi-msme-sahaj-platform-to-be-processed-in-15-min 2024-07-02 13:06:16 knnindia.co.in Loans On SBI “MSME Sahaj” Platform To Be Processed In 15 Min