As the festive season is just around the corner, the country’s largest lender, the State Bank of India, is gearing up to bring a series of offers for SMEs and small businesses.
With the festival season kicking in, the country’s largest lender, State Bank of India (SBI) is planning to launch a series of festive offers for its customers, especially for Small and Medium Enterprises (SMEs). Besides some lucrative home loan discounts, the bank is also planning to provide collateral-free loans for SMEs.
Read More: What if your bank closes or fails? What happens to the deposited amount?
Alok Kumar Choudhary, Managing Director of the State Bank of India, shared the details of the bank’s plans with Zee Business, assuring that customers will be satisfied with the upcoming offers.
SBI festive offers for SMEs and small businesses
Speaking on what the bank is planning to offer for SMEs to make the credit line easier, Choudhary said that the bank will work towards extending the Central government’s various schemes to the customers. It will also help customers to engage with the services in a convenient way through digital services. The lender is planning to roll out collateral-fee loans for SMEs this festive season, according to Choudhary.
Read More: Overdraft: How banks decide your eligibility for OD facility?
The owners of small businesses can also avail credit facilities through seamless digital processes.
He further added that the process of ‘underwriting’ or the process through which the lender verifies one’s income, assets, debt, and property details before approving a loan application, will be made more convenient and objective.
“SBI will work toward developing its business rule engine. This will help to extend loans to customers based on the other attributes, instead of collateral. Customers will be ranked on the basis of these attributes,” he added.
The SMEs will also get an opportunity to showcase their products on SBI’s YONO app this festive season. The bank will allow its SME borrowers to list their products on YONO app like any other e-commerce platform.
Read More: Bank of Baroda announces new offers, schemes till December
SBI festive offers for customers
Choudhary also spoke about the offers that the SBI will launch for the customers ahead of the festive season. He assured that customers will be satisfied with all the plans in comparison to the other competitive offers in the market.
In the meantime, the bank is also offering concessions of up to 65 basis points (bps) on home loans for selected customers. The last date for the concession on home loans is December 31, 2023.
Festive offers by other banks
Apart from the State Bank of India, another leading public sector bank, Bank of Baroda has also announced a festive offer with its “BOB Ke Sang Tyohaar Ki Umang” campaign. Through this campaign, applicants will be able to avail home loans, car loans and personal loans at attractive interest rates. The bank also announced the launch of four new savings accounts, which will provide a host of benefits and attractive interest-rates on home, car, personal and education loans.
The bank has also tied up with top electronics, travel and food brands in a bid to provide festive offers and discounts to its debit and credit cardholders.
