SBI announces new digital business loan scheme The name of this new scheme is SME Digital Business Loan, where you can get a loan in just 45 minutes. SBI has started this process with the help of data-driven credit technology, which is capable of taking quick decisions by examining documents including GST returns, bank statements and income tax. This project will be implemented with the help of data driven credit technology.
Loans up to 50 lakhs are going to be available from SBI through the new digital technology. This is going to bring a lot of relief to the small entrepreneurs. This will help the small entrepreneurs to avoid the situation of having to walk for a long time for loans. Application for SME loan can be made through bank branches, website and SME Centres. According to the study, MSME loans will contribute significantly to the growth and profitability of SBI over the next five years.
