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Tuesday, November 30, 2021

In Corona crisis, this bank is giving easy online loan to SME in 24 hours

In the midst of the Corona epidemic, businesses have suffered. Especially small and medium industries are facing this problem. At such a time, DBS Bank has offered easy and uninterrupted online loans for SMEs. Under this, the bank is giving in-principle approval for loans up to Rs 5 crore in 24 hours. The bank said in a statement that it has on Wednesday launched its online lending solution platform – DBS Digital Business Loans for SMEs, with a consistent focus on an easy, simple and hassle-free banking solution.

Loans up to Rs 20 crore

This segment-flagship platform of DBS has improved the ease of access to commercial loans for micro, small and medium-sized enterprises. It gives loans up to 20 crores rupees.

The bank said in the statement that the process of applying for the loan is simple and it can be done online only by uploading the bank statement and IT return (financial statements for loans above 5 crores). The data-driven platform takes credit-related information on the backend and looks at a financial health analysis on the applicant’s overall business. The platform automatically auto-generates the e-offer letter if the platform meets all the lending criteria.

Apart from credit score, keep these things in mind for loan approval,

Disbursement of loans in less than a week

According to the bank, enterprises with a turnover of up to Rs 25 crore can get an in-principle approval for loans up to Rs 5 crore within 24 hours. This is based on the completion of the loan application and meeting the lending criteria. In this way, the last e-offer for loans up to Rs 5 crore for a company with a turnover of up to 25 crores can be accepted in only 5 working days. DBS starts the evaluation process after the customer accepts the offer. The loan is disbursed less than a week after the last approval.

DBS Bank said in a statement that it has completed a pilot run for the DBS Digital Business Loans platform in New Delhi, Mumbai, Bengaluru, Chennai, Pune, Surat, Nashik, Kolhapur and Kolkata. A loan of Rs 1,000 crore has already been disbursed through platforms for various businesses engaged in trade, manufacturing and services in these markets. Going forward, the bank will offer online credit platforms for businesses in Gurugram, Noida, Navi Mumbai, Ahmedabad, Vadodara, Rajkot, Hyderabad, Coimbatore, Ludhiana, Jaipur, Nagpur and Bhubaneshwar.

Read: New screw-on GST compensation! How will the Center take a loan on the revenue received by the states to the mill


Source: www.financialexpress.com

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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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