Mumbai (Maharashtra) [India], lender State Bank of India (SBI) has introduced a web-based digital business lending solution for MSME invoice financing, which aims to facilitate lending to MSMEs with a time quick response.
The solution, named “MSME Sahaj – End-to-End Digital Invoice Financing”, has been developed which will provide solutions ranging from loan application, documentation and authorized loan disbursement within 15 minutes, without any manual intervention.
According to a statement from the bank published on Monday, the closing of the loan on the due date is also automated and is carried out by the system itself.
By using 'MSME Sahaj', the bank's customers can get finance against their GST registered sales invoices of up to Rs 1 lac in less than 15 minutes, the release stated.
The objective of the product is to provide short-term 'available' credit for working capital needs to micro SME units falling under the GST regime.
According to the bank, the product will be available through digital mode on 'Yono' app for existing customers.
The product, the statement said, is also intended to cater to single-person customers without SBI credit who have a satisfactory current account with the bank.
Dinesh Khara, Chairman, SBI, said SBI is committed to setting a new benchmark in the industry by introducing digital solutions in SME business lending.
"...MSME Sahaj is designed with the vision of providing MSME units with faster and easier financing using digital mode with an end-to-end journey initiated by themselves. MSME Sahaj is the result of our effort to integrate innovation and customer-centric approach to revolutionize the MSME lending universe, reducing human intervention and improving ease of doing business," Khara added.
Vinay Tonse, MD – Retail Banking & Operations, SBI said, “MSME Sahaj – Invoice Finance Digital Business Loans will offer a unique proposition to our existing micro SME units that are part of the GST regime to get immediate access to short-term credit. for working capital requirements through digital mode on SBI's Yono B.
The solution, named “MSME Sahaj – End-to-End Digital Invoice Financing”, has been developed which will provide solutions ranging from loan application, documentation and authorized loan disbursement within 15 minutes, without any manual intervention.
According to a statement from the bank published on Monday, the closing of the loan on the due date is also automated and is carried out by the system itself.
By using 'MSME Sahaj', the bank's customers can get finance against their GST registered sales invoices of up to Rs 1 lac in less than 15 minutes, the release stated.
The objective of the product is to provide short-term 'available' credit for working capital needs to micro SME units falling under the GST regime.
According to the bank, the product will be available through digital mode on 'Yono' app for existing customers.
The product, the statement said, is also intended to cater to single-person customers without SBI credit who have a satisfactory current account with the bank.
Dinesh Khara, Chairman, SBI, said SBI is committed to setting a new benchmark in the industry by introducing digital solutions in SME business lending.
"...MSME Sahaj is designed with the vision of providing MSME units with faster and easier financing using digital mode with an end-to-end journey initiated by themselves. MSME Sahaj is the result of our effort to integrate innovation and customer-centric approach to revolutionize the MSME lending universe, reducing human intervention and improving ease of doing business," Khara added.
Vinay Tonse, MD – Retail Banking & Operations, SBI said, “MSME Sahaj – Invoice Finance Digital Business Loans will offer a unique proposition to our existing micro SME units that are part of the GST regime to get immediate access to short-term credit. for working capital requirements through digital mode on SBI's Yono B.
