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SBI plans to enhance threshold limit for MSME sector under instant loan scheme
Millennium Post Delhi
|October 14, 2024
‘We still have a large number of MSME customers accessing the informal credit. We would like to bring them to the banking fold,’ SBI Chairman said
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NEW DELHI: To ensure easy and adequate credit availability to the MSME sector, the State Bank of India (SBI) is planning to enhance the threshold under the instant loan scheme from the existing Rs 5 crore. ‘MSME Sahaj - End to End Digital Invoice Financing’ provides solutions ranging from applying for the loan, documentation and disbursement of the sanctioned loan within 15 minutes, without any manual intervention.
“We have, last year, introduced a business rule engine based, data based assessment of the credit limits up to Rs 5 crore. Anybody walking into our MSME branch has to give only their PAN and approval for sourcing GST data, we can give approval in 15-45 minutes,” SBI Chairman C S Setty said.
This story is from the October 14, 2024 edition of Millennium Post Delhi.
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