New Delhi: State Bank of India (SBI) on Friday said it has provided loans worth Rs 74,434 crore to 2.25 lakh MSMEs in less than one hour through SME Digital Business Loans platform in the last 15 months.
SBI launched ‘SME Digital Business Loans’ in June 2024 which enables the MSME entrepreneur to apply online for credit requirements up to Rs 5 crore.
MSME advances have been identified as the focal point for the bank’s growth and profitability over the next five years and this innovative product marks a leap forward in digitalisation by offering SMEs a digital loan journey with an end-to-end sanction turnaround time of up to 45 minutes.
SME Digital Business Loans leverages cutting-edge technology and a robust ecosystem of APIs to streamline the lending process, State Bank of India said in a statement.
Utilising authentic data footprints from sources such as ITR, GST returns and bank statements, State Bank of India has developed a data-driven credit assessment engine capable of providing sanction decisions within a remarkable 10 seconds after submitting the required details, without any human intervention, it said.