In an effort to provide MSME loans with a quick turnaround time, State Bank of India has unveiled a web-based digital business loans solution for MSMEs' Invoice Financing.
The "MSME Sahaj - End to End Digital Invoice Financing" solution has been created and will offer services including loan application, documentation, and disbursement of the approved loan within 15 minutes, all without the need for human participation.
MSME Sahaj is a data-driven invoice financing credit assessment engine.
The loan's closure on its due date is also automated and handled by the system itself.
By using this platform, the customers of the bank can get finance against their GST registered sales invoices of up to ₹1 lakh in less than 15 minutes.
The product is developed on a machine learning model. It uses authentic data footprints from GSTIN, Customers’ Bank Statements and CIC database etc.
The purpose of the product is to provide “on tap” short term credit for working capital needs to Micro SME units who are part of the GST regime.
MSME Sahaj will be made available to SBI customers through digital mode on Yono and will address the liquidity issues of MSMEs to unlock the cash flows instantly.
Vinay Tonse, MD - Retail Banking & Operations, SBI said, "MSME Sahaj – Digital Business Loans for Invoice Financing will offer a proposition to our existing Micro SME units who are part of the GST regime to get immediate on tap short term credit for working capital requirement through digital mode on SBI’s Yono app."
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