- SBI's Special Offer!
- Loan will be available on the basis of UPI payment
- Amount to be deposited into bank account from history
SBI UPI Based Loan : When we need money, if we don't have money, we think of taking a loan. But this process is very complicated and time consuming. But State Bank of India SBI launched a great and very convenient facility for its crores of customers. In this system now you will get loan based on your UPI information. The transaction history will be viewed and based on that you will get the loan. SBI Senior Officer and Managing Director Ashwini Kumar Tiwari gave this information. ( SBI UPI Based Loan
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For which customers this facility?
This loan facility is being launched keeping small businesses in mind. Ashwini Kumar Tiwari explained that if a small business has regular sales and payments are made through UPI, these digital transactions can be used as an indicator of business sales. SBI is developing a new UPI-based system to assess the credit-worthiness of non-GST registered businesses.
Must have GST number
Tiwari said the bank has explored options in the context of lending to businesses registered under GST. Able to disburse loan within 10 minutes in such cases. It should be noted that in the last 18 months, the bank has disbursed loans worth Rs 1 lakh crore using GST and PAN DATA. But, businesses that don't have GST numbers face difficulties and in such cases alternative data becomes crucial.
Help reduce credit-related problems
On the issue of UPI payments, Tiwari said that the lending bank does not always have a clear idea of where exactly the money is going. However, the bank that accepts the money and the third-party payment app that facilitates the transaction have this information. With the customer's consent, the bank may maintain loan eligibility information through a model that uses UPI payments and other sources such as data from telecom companies. Tiwari said SBI hopes to lend to small businesses based on this new data. This will help reduce credit-related problems faced by small businesses.
If this scheme succeeds, it is because of this system GST Unregistered small shopkeepers, traders and other small businesses can find it easier to get loans from banks. Businesses with regular operations and a solid history of making digital payments through UPI can benefit the most.
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