Festive Offers from State Bank of India (SBI)
As the festive season approaches, SBI, India’s largest bank, is set to roll out a range of exciting offers for its customers, particularly small and medium-sized businesses (SMEs). Let’s explore what SBI has in store for this festive season.
Collateral-Free Loans for SMEs
SBI has decided to offer collateral-free loans to SMEs, making it easier for them to access funds. These loans are available through the SBI Yono app, offering a seamless digital process.
Government Schemes for Small Traders
The central government has introduced several schemes to support small traders, and SBI is leveraging digital services to make these schemes more accessible and user-friendly. They are planning to provide collateral-free loans tailored to SMEs, simplifying the credit application process for small business owners.
Streamlined Loan Approval Process
SBI is working on refining its business rules engine to approve loans based on various attributes rather than relying solely on collateral. This streamlined process considers factors like income, assets, debt, and property details, making it more convenient for borrowers.
Showcasing SME Products on SBI Yono App
During this festive season, SMEs will have the opportunity to showcase their products on the SBI Yono app, much like other e-commerce platforms. This exposure can benefit small businesses and expand their reach.
Competitive Advantage
SBI representatives emphasize that their customers are highly satisfied with SBI’s offerings compared to competitors in the market. They are also providing discounts of up to 65 basis points (bps) on home loans for selected customers, valid until December 31, 2023.
Festive Offers from Other Banks
Apart from SBI, Bank of Baroda, another leading public sector bank, has launched its “BOB Ke Sang Tyohar Ki Umang” campaign, offering attractive interest rates on home loans, car loans, and personal loans. The bank has introduced four new savings accounts and partnered with top electronics, travel, and food brands to provide festive discounts to its debit and credit card holders.