NEW DELHI : DBS Bank India on Wednesday launched an online platform to make loans available to small and medium-sized businesses in an easy way, with a credit facility of up to ₹20 crores.
Driven by its constant focus on creating transparent, intuitive and hassle-free banking solutions for customers, DBS Bank India has unveiled its online lending solutions platform – DBS Digital Business Loans for SMEs, the bank said in a statement. communicated.
This segment flagship platform of DBS improves the ease of access to business credit for the entire spectrum of micro, small and medium enterprises, offering credit up to ₹20 crore, he said.
The private sector lender said clients can avail the loan through a simple online process by uploading bank statements and computer statements (for the above loans ₹5 crores).
The platform is enabled to automatically generate an electronic offer letter if the loan criteria are met.
DBS Bank said it has completed the pilot phase of the DBS Digital Business Loans platform in New Delhi, Mumbai, Bengaluru, Chennai, Pune, Surat, Nashik, Kolhapur and Kolkata.
Loan value ₹1,000 crore has already been paid through the platform to various companies engaged in trade, manufacturing and services in these markets.
In the future, the bank will also offer the online lending platform to businesses in Gurugram, Noida, Navi Mumbai, Ahmedabad, Vadodara, Rajkot, Hyderabad, Coimbatore, Ludhiana, Jaipur, Nagpur and Bhubaneswar, he said. declared.
Companies with a turnover of up to ₹25 crore may receive approval in principle for loans up to ₹5 crore within 24 hours subject to completion of loan application and meeting loan criteria.
“We are trying to take advantage of the true potential of our online lending platform and have continued to disburse loans even in the midst of the foreclosure. DBS also offered the “Guaranteed Emergency Line of Credit” program in line with the government’s COVID-19 relief efforts, ”said Niraj Mittal, Managing Director and Country Head – Institutional Banking Group, DBS Bank India.
Sudarshan Chari, Head of Corporate Banking Services, DBS Bank India, said through this that the bank sanctions electronic loan offers within hours, much faster than the current market standard of over a week.
Never miss a story! Stay connected and informed with Mint. Download our app now !!