Home >Industry >Banking >DBS Bank India unveils online loan platform for SMEs, offers credit up to 20 cr
DBS Bank said customers can also avail the loan through a simple online process by uploading bank statements, and I-T returns (for loans above  ₹5 crore)  (Photo: Bloomberg)
DBS Bank said customers can also avail the loan through a simple online process by uploading bank statements, and I-T returns (for loans above 5 crore) (Photo: Bloomberg)

DBS Bank India unveils online loan platform for SMEs, offers credit up to 20 cr

DBS Bank India today launched an online platform for making loans available to small and mid size businesses in a hassle-free manner, with credit facility up to 20 crore

NEW DELHI : DBS Bank India on Wednesday launched an online platform for making loans available to small and mid size businesses in a hassle-free manner, with credit facility up to 20 crore.

Driven by its constant focus on building seamless, intuitive and hassle-free banking solutions for customers, DBS Bank India has unveiled its online credit solutions platform - DBS Digital Business Loans for SMEs, the bank said in a release.

This segment-flagship platform from DBS improves the ease of accessing business credit for the entire spectrum of micro, small and medium-sized enterprises, offering credit up to 20 crore, it said.

The private sector lender said that customers can avail the loan through a simple online process by uploading bank statements, and I-T returns (for loans above 5 crore).

The platform is enabled to auto-generate an e-offer letter if the lending criteria is met.

DBS Bank said it has completed the pilot run for the DBS Digital Business Loans platform in New Delhi, Mumbai, Bengaluru, Chennai, Pune, Surat, Nashik, Kolhapur, and Kolkata.

Loans worth 1,000 crore have already been disbursed via the platform to various businesses engaged in trading, manufacturing and services in these markets.

Going forward, the bank will also offer the online credit platform to businesses in Gurugram, Noida, Navi Mumbai, Ahmedabad, Vadodara, Rajkot, Hyderabad, Coimbatore, Ludhiana, Jaipur, Nagpur and Bhubaneswar, it said.

Enterprises with a turnover of up to 25 crore can receive in-principle approval for loans of up to 5 crore within 24 hours subject to completion of the loan application and fulfilment of the lending criteria.

"We are attempting to leverage the true potential of our online credit platform and have continued to disburse credit, even amidst the lockdown. DBS has also been offering the 'Guaranteed Emergency Credit Line' scheme in line with the government's COVID-19 relief efforts," said Niraj Mittal, Managing Director & Country Head - Institutional Banking Group, DBS Bank India.

Sudarshan Chari, Head - Business Banking, DBS Bank India, said through this, the bank is sanctioning e-loan offers in a matter of hours, significantly faster than the current market standard of over a week.

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