SBI launches 45-minute digital loan facility for MSMEs; check details

India’s largest public sector bank State Bank of India (SBI) is doubling down on its loan products for MSMEs. The bank, on Tuesday, launched a ‘SME Digital Business Loans’ initiative to sanction loan requests from MSMEs within 45 minutes, given that “MSME advances have been identified as the focal point for the bank’s growth and profitability over the next five years.”

The new solution will leverage authentic data sources including ITR, GST returns, and bank statements to underwrite loans quickly. SBI said it has developed a “data-driven credit assessment engine capable of providing sanction decisions within a remarkable 10 seconds after submitting the required details, without any human intervention.”