SBI Unveils “MSME Sahaj – End to End Digital Invoice Financing”

MSME Loans with TAT of less than 15 minutes

Bengaluru, July 01, 2024 – State Bank of India (SBI), the nation’s largest bank, has announced the launch of “MSME Sahaj”, a Web Based Digital Business Loans Solution for MSMEs’ Invoice Financing. It is developed as a data-driven invoice financing credit assessment engine which will provide complete solution from applying the loan, documentation and disbursement of the sanctioned loan within 15 minutes, without any manual intervention. The closure of the loan on due date is also automated and is carried out by the system itself. Using “MSME Sahaj”, Bank’s customers can avail finance against their GST registered sales invoices of up to Rs. 1 lac in less than 15 minutes.

The product is based on machine learning model and uses authentic data footprints from GSTIN, Customers’ Bank Statements and CIC data base 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. The product will be made available through digital mode on Yono to the existing customers of SBI and will address the liquidity issues of MSMEs to unlock the cash flows instantly.

With the launch of MSME Sahaj, SBI has once again set a new standard in MSME lending. MSME landscape has been identified as one of the focal points by the Bank for the next five years and this innovative digital product marks a significant leap in digital lending space.

The product is meant to cater to Sole Proprietorship non-credit Customers of State Bank of India having satisfactory Current Account with the bank. This innovative offering will be readily accessible to them through the Bank’s Internet Banking application.

Shri Dinesh Khara, Chairman, SBI, said, “SBI is committed to set new industry benchmark by introducing Digital Solutions in SME Business Loans, underscoring our constant efforts to drive innovation in MSME lending. Accentuating the same, MSME Sahaj is crafted with the vision of providing MSME units faster and easier finance using digital mode with self-initiated end to end journey. MSME Sahaj is a result of our endeavour to integrate innovation and customer-centric approach to revolutionize the MSME lending universe, reducing human intervention and enhancing the ease of doing business. The launch of MSME Sahaj aims to provide the fast and most intuitive lending solution, further solidifying our position as the leading MSME lender in the country.”

Echoing this sentiment, Shri Vinay Tonse, MD – Retail Banking & Operations, SBI emphasized, “In order to cater to MSME segment’s growth, Bank has been pioneering the combined potential of the MSME segment of the economy with disruptive digital innovation. “MSME Sahaj – Digital Business Loans for Invoice Financing” will offer a unique 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 B.