Bank loan for small business in 15 minutes; SBI with online loan for MSMEs

KOCHI: State Bank of India has introduced MSME Sahaj, a web-based digital business loan for small enterprises (MSMEs). Its approach is to provide invoice financing in just 15 minutes by conducting an information-based assessment.
Loan application, documentation, loan approval, disbursement etc. are done without human intervention. Loan closing is also done digitally. A loan of up to Rs.1 lakh can be availed on the basis of GST invoice.
The loan is given by evaluating GSTIN, customer's bank statement, CIC database etc. Existing SBI customers can also avail this service through Yono app.
SBI Chairman Dinesh Khara said that MSME Sahaj aims to provide quick and easy loans to small enterprises.