State Bank of India has announced good news for its customers this Diwali. It offers a loan facility within a few minutes for customers interested in starting or expanding their businesses.
The SBI Sahaj Loan scheme encourages small and middle-class micro-enterprises by providing quick and easy loan access.
The bank has pledged to provide loans as quickly as possible to customers setting up small and medium enterprises.
Under the SBI Sahaj Loan Scheme, the bank will offer loans of up to five crores, and the MSME Sahaj Loan scheme will also approve loans of up to Rs. 5 crores.
Through the MSME Sahaj in Voice Financing scheme, the bank provides loan facilities to business people in about 15 minutes without requiring them to visit the bank.
Once the application is submitted, the loan will be available within 15 minutes of SBI receiving digital approval.
SBI Chairman S Shetty explained that the bank aims to provide Rs. 5 crores to improve businesses in India. For this purpose, the bank has streamlined the loan approval process to just 15 minutes, provided the MSME officials contact the bank and submit their PAN card details.
This scheme is meant to help small business owners in India with an SBI bank account easily access loans and invest in larger amounts, with the ultimate goal of economic development and progress for the country.
RBI mentioned that this scheme fosters economic development and leads the country toward progress. SBI prioritizes loans related to MSMEs and makes it easier for middle-class individuals to access them. The bank has also promised to provide special facilities to those who repay these loans on time.
State Bank of India expanded its branch network this year, with over 600 SBI new branches opening with the encouragement of the Reserve Bank of India. More than 22,000 branches across the country serve over 50 crore people.