DBS Bank India has unveiled its online credit solutions platform – DBS Digital Business Loans for SMEs. This improves the ease of accessing business credit for the entire spectrum of micro, small and medium-sized enterprises, offering credit up to INR 20Cr.
The loan application process is simple and can be done online by just uploading bank statements, and IT Returns (financial statements for loans above INR 5Cr). The data-driven platform then pulls in credit-related information at the backend and runs a financial health analysis on the overall business of the applicant. The platform is enabled to auto-generate an e-offer letter if the lending criteria is met.
Enterprises with a turnover of up to INR 25Cr can receive in-principle approval for loans of up to INR 5Cr within 24 hours subject to completion of the loan application and fulfillment of the lending criteria. Subsequently, a final e-offer (subject to a successful verification process) for credit up to INR 5Cr for a company with a turnover up to INR 25Cr, can be sanctioned in just 5 working days. Once the customer accepts the offer, DBS starts the valuation process. The disbursal can be made in as less as a week after the final sanction. DBS offers both, a DBS Relationship Manager (RM) – initiated self-serve (in select locations) as well as an RM-assisted credit application on the DBS Digital Business Loans platform.
Niraj Mittal, Managing Director & Country Head – Institutional Banking Group, DBS Bank India, said, “It is more important now than ever to support our customers, especially the micro & small enterprises, to navigate the challenging business environment. DBS Digital Business Loans underscore the bank’s commitment to supporting lives and livelihoods. We are attempting to leverage the true potential of our online credit platform, and have continued to disburse credit, even amidst the lockdown.”
The bank 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 INR 1,000Cr 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.
