‘SME Digital Business Loans’ have been launched by SBI.
SME Digital Business Loans is a new product that offers an end-to-end sanction turnaround time of up to 45 minutes for SMEs (small and medium enterprises).
It leverages an ecosystem of APIs (application programming interface) to streamline the lending process.
SME Digital Business Loans will be accessible to customers through all the bank’s channels.
These channels include SBI’s website, branches, SME Centres, as well as internet platforms.
In the future, SBI will make this product available across all its CSP (customer service point) partner touchpoints and via QR codes at outdoor touchpoints.
SBI said it has developed a data-driven credit assessment engine.
This can provide sanction decisions within 10 seconds after submitting the required details.
SBI also said it has waived the requirement for financial statements for loans up to ₹50 lakh.
For this, SBI now relies on transaction history and GST returns for appraisal.
