The State Bank of India (SBI) has launched ‘SME Digital Business Loans,’ a new service designed to provide fast loan approvals for Small and Medium Enterprises (SMEs) with a processing time of up to 45 minutes. By leveraging technology and an ecosystem of APIs, this service streamlines the lending process, utilising data from Income Tax Returns (ITRs), GST returns and bank statements.
SBI’s data-driven credit assessment engine can deliver sanction decisions within 10 seconds without human intervention.
For loans up to Rs 50 lakhs, SBI has eliminated the need for financial statements, instead relying on transaction history and GST returns. This new loan facility will be accessible through all SBI channels, including its website, branches, SME centres and online platforms.
This innovation merges technology with a customer-centric approach to revolutionise MSME lending by reducing costs and manual processes.
