State Bank of India (SBI), a prominent public sector lender, has announced the launch of “MSME Sahaj – End to End Digital Invoice Financing,” a new web-based digital business loan solution tailored for Micro, Small, and Medium Enterprises (MSMEs). This innovative product aims to expedite the loan process with a turnaround time of just 15 minutes, eliminating the need for manual intervention.

The newly launched solution facilitates the entire loan process, from application and documentation to the disbursement of the sanctioned loan, all within a quarter of an hour. According to the bank’s release on Monday, the system also automates loan closure on the due date.

With “MSME Sahaj,” customers can secure financing against their GST-registered sales invoices of up to Rs 1 lakh in under 15 minutes. The primary objective of this product is to provide “on tap” short-term credit for working capital needs to Micro SME units under the GST regime.

SBI plans to offer this product through its digital platform, ‘Yono,’ making it accessible to existing customers. Additionally, the solution is designed to serve sole proprietorship non-credit customers with satisfactory current accounts at SBI.

SBI Chairman Dinesh Khara emphasized the bank’s commitment to setting new industry benchmarks by introducing digital solutions in SME business loans.