SBI's Rapid Digital Lending Revolutionizes MSME Financing

State Bank of India has revolutionized MSME financing by providing over Rs 74,434 crore in loans to 2.25 lakh MSMEs through its SME Digital Business Loans platform in just one hour, thanks to cutting-edge technology enhancing speed and simplification in the lending process.

The State Bank of India (SBI) has set a new standard in digital lending, facilitating loans worth Rs 74,434 crore to 2.25 lakh Micro, Small and Medium Enterprises (MSMEs) within just one hour. This feat was achieved through the bank's innovative SME Digital Business Loans platform over the past 15 months.

Launched in June 2024, SME Digital Business Loans allows MSME entrepreneurs to apply online for credit up to Rs 5 crore. This product is pivotal for SBI's growth strategy focusing on MSME advances for the next five years. It represents a significant advancement in digital banking, offering a loan processing and approval turnaround of up to 45 minutes.

SBI's digital platform utilizes advanced technology and an ecosystem of APIs to streamline loan processes. By leveraging authentic data from sources such as ITR and GST returns, an AI-driven credit assessment engine can approve loans in a mere 10 seconds without human intervention, marking a new era in MSME lending.

(With inputs from agencies.)