SBI launches digital business loans for small and medium cos

"We have seamlessly integrated innovation with our customer-centric approach to revolutionise the MSME lending landscape, reducing human intervention and enhancing the ease of doing business, particularly for a segment previously characterised by high costs and manual processes. By leveraging the rich data footprint of MSME units in the ecosystem, we aim to provide the fastest and most intuitive lending process, further solidifying our position as the leading MSME lender in the country," said SBI chairman Dinesh Khara.

MSME advances have been identified as the focal point for the bank's growth and profitability over the next five years, the bank said, and this new product is expected to reduce the end-to-end sanction turnaround time to 45 minutes.

The bank has registered a 20% growth in the SME segment, and the outstanding credit to SME borrowers crossed ₹4 lakh crore at the end of March 2024.

The new product can be accessed through all channels of the bank, including its website, branches, SME centres, as well as internet platforms. SBI will also introduce this product to partner touchpoints and through QR codes at outdoor touchpoints in the coming months.

Vinay Tonse, MD, retail banking and operations at SBI said the bank was combining the potential of the MSME segment of the economy with disruptive digital innovation.