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Business EconomyPosted at: Sep 16 2020 5:41PM


DBS Bank unveils hassle-free, online SME loans; Offers in-principle sanctions up to Rs 5 Cr in 24 hours

Kolkata, Sep 16 (UNI) Driven by its constant focus on building seamless, intuitive and
hassle-free banking solutions for customers, DBS Bank India today unveiled its online
credit solutions platform - DBS Digital Business Loans for SMEs.
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 Rs 20 Cr.
The loan application process is simple and can be done online by just uploading bank
statements, and IT Returns (financial statements for loans above Rs 5 Cr).
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 Rs 25 Cr 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
Rs 5 Cr for a company with a turnover up to Rs 25 Cr, 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.
Commenting on the offering, 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 proudly underscores 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.
DBS has also been offering the 'Guaranteed Emergency Credit Line' scheme in line with
the government's Covid-19 relief efforts.”
“Boosting credit access to businesses has been our top priority, and DBS Digital Business
Loans for SMEs is another step towards reshaping the future of business banking by
leveraging digitalisation. DBS will continue to support enterprises to unlock new opportunities
through this solution. DBS Digital Business Loans further strengthens our existing suite of
business banking offerings, such as Payments & Collections, Remittances, Forex Solutions
including FX Booking & FX Forwards, Enterprise Resource Planning (ERP) Integration, APIs,
Trade Solutions including DBS Network Letter of Credit, etc,” Mittal added.
Speaking about the nuances of the online credit platform, Sudarshan Chari, Head -
Business Banking, DBS Bank India, said, “We always strive to sanction the adequate
quantum of funding with competitive interest rates, to help customers grow their businesses.
Leveraging DBS Bank's technology prowess, we are setting a new industry benchmark
with DBS Digital Business Loans. Through this platform, we are sanctioning e-loan offers
in a matter of hours, significantly faster than the current market standard of over a week.
We require minimal documentation for our decisioning and have even disbursed loans,
end-to- end, in under 10 days. The process is completely transparent, and the borrower
can check the status of their loan application online, anytime.”
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.
With the establishment of a locally incorporated, wholly-owned subsidiary in 2019 -
DBS Bank India Limited, the bank has accelerated its growth plans in the country
and is building a greater scale by adopting a 'phygital' model.
The bank has a total of 35 branches in 25 cities across India. DBS has designed
end-to-end digitised solutions to seamlessly interweave banking into everyday life of
customers by making it a part of their ecosystem. In keeping with this ethos, it has
harnessed the power of technology to design solutions that make banking simpler
and invisible for time-strapped business owners.
The solutions eliminate the need for cumbersome documentation and offer a
seamless and paperless banking experience.
UNI SJC BM
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Tags: #DBS Bank unveils hassle-free# online SME loans; Offers in-principle sanctions up to Rs 5 Cr in 24 hours
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