You can benefit from this news if you have an SBI account. Yes, small and medium-sized businesses (MSMEs) now have access to a web-based digital business financing solution offered by SBI, the biggest public sector bank. ‘MSME Sahaj – End to End Digital Invoice Financing’ is the name of this facility. Its goal is to lend money to MSMEs as quickly as possible. The bank asserts that under this approach, the loan application, documentation submission, and loan amount disbursement will all be finished in 15 minutes or less. Furthermore, nobody’s assistance will be needed with this.
Repayment of the loan will also happen automatically.
The bank stated in a news statement that the loan payment is also made automatically on the due date. That is, the system completes the entire process on its own. The bank says that by using ‘MSME Sahaj’, customers can get a loan of up to Rs 1 lakh based on their GST registered sales invoice in less than 15 minutes. ‘MSME Sahaj’ has been created to provide the necessary funds to small industries to run their business quickly.
The bank claims that this system
was created for these small businesses, which are covered by GST. The ‘Yono’ app will provide this feature to current customers online, as per the bank’s announcement. The bank further stated that owners of these small businesses who currently have bank accounts but are not SBI customers are eligible for this option. Millions of national businesspeople who meet the requirements can take advantage of this tool.
By implementing digital solutions in SME company loans,
SBI is dedicated to creating a new standard in the business world, according to SBI Chairman Dinesh Khara. According to Khara, the creation of “MSME Sahaj” took into account the fact that small businesses can obtain financing digitally quickly and easily. In this, the customer can complete the process from start to end himself. Khara said that its purpose is to speed up the process of giving loans to small businessmen.
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