The State Bank of India (SBI), India’s largest public sector lender, has unveiled “MSME Sahaj”, a web-based digital business loans solution for MSMEs’ invoice financing.
MSME Sahaj is expected to allow MSMEs to avail credit against their Goods and Services Tax (GST) registered sales invoices of up to Rs 1 lakh. According to the bank, the online loan solution is developed as a data-driven invoice financing credit assessment engine which will provide a complete solution from applying the loan, documentation, and disbursement of the approved loan amount within 15 minutes. The product is expected to address the liquidity issues of MSMEs to unlock the cash flows instantly.
Different financial solutions that will be provided through MSME Sahaj range from applying for a loan to documentation and disbursement of the sanctioned loan within 15 minutes, sans any manual intervention.
According to a release from the bank, the closure of the loan on the due date is also automated and is carried out by the system itself.
Using “MSME Sahaj”, bank’s customers can avail finance against their GST registered sales invoices of up to Rs 1 lakh in less than 15 minutes, SBI said.
The product is reportedly based on a machine learning model and utilizes authentic data footprints from GSTIN, Customers’ Bank Statements, and CIC database, etc.
The product is aimed to provide Micro SME units that are part of the GST regime “on tap” short-term credit for working capital requirements. The product will be made available via digital mode on Yono to the existing SBI customers.
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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.”
Dinesh Khara, Chairman, SBI, said that the launch of MSME Sahaj aims to provide a fast and most intuitive lending solution, further solidifying our position as the leading MSME lender in the country.
“…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.
