SBI Launches Quick Online Loan for Small Businesses

The State Bank of India (SBI) has introduced a new online loan service called “MSME Sahaj” to help small businesses get quick loans. This service allows small businesses to borrow money against their GST-registered sales invoices, up to Rs 1 lakh.

What makes MSME Sahaj special is how fast it works. From applying for the loan to getting the money, the whole process takes less than 15 minutes. Everything is done online, without any need for people to handle the paperwork.

The loan is designed to be user-friendly. When it's time to repay the loan, the process is automatic. This means business owners don't have to worry about remembering to make payments.

To decide if a business can get a loan, SBI uses a smart computer system. This system looks at different types of business information, like GST details, bank statements, and credit history. It uses this information to make quick decisions about the loan.

MSME Sahaj is mainly for very small businesses that need quick, short-term loans for their day-to-day operations. To use this service, a business must already have an account with SBI and be registered for GST.

Existing SBI customers can apply for these loans through the bank's Yono app. This makes it easy for business owners to get loans whenever they need extra cash quickly.

This new loan service has been launched shortly after SBI introduced another quick loan option for small businesses that takes about 45 minutes to process. By using digital technology and data from various sources, SBI can now offer loans much faster than before. This could be a big help for small businesses that often need quick access to funds to keep their operations running smoothly.