Revolutionizing Support for Women Entrepreneurs

In a groundbreaking move to empower women entrepreneurs, the State Bank of India (SBI) has launched a collateral-free SME loan, specifically designed to facilitate easier access to funding for women-led businesses. This initiative, unveiled on International Women’s Day, leverages cutting-edge technology to streamline the lending process, making it fully digital and hassle-free.

Innovative Loan Features and Benefits

The loan application process is entirely digital, with borrower data verified through APIs using GSTIN, bank statements, and the CIC database, eliminating the need for physical documents. Loan limits are assessed based on business requirements, ensuring that women entrepreneurs receive the financial support they need to grow their businesses. Additionally, SBI plans to identify top women entrepreneurs among borrowers and provide them with management and business training, further supporting their growth and success.

Introducing the 'Nari Shakti' Debit Card

Alongside the SME loan, SBI also launched the ‘Nari Shakti’ platinum debit card, exclusively designed for women and powered by RuPay. This innovative card, made from 100% recycled plastic, offers a range of benefits across entertainment, shopping, travel, lifestyle, and insurance, making it a valuable tool for women entrepreneurs.

Commitment to Women Empowerment

SBI chairman Challa Sreenivasulu Setty emphasized the bank's commitment to women empowerment, stating, “SBI Asmita is crafted to provide faster, easier finance to women-led MSMEs.” This initiative reflects SBI’s broader strategy to integrate innovation with a customer-centric approach, aiming to strengthen its position as a leading lender for women entrepreneurs. Vinay Tonse, MD - retail banking & operations, highlighted the bank's digital initiatives aimed at empowering the 'Nari Shakti' of the country, blending technology with social impact to offer credit access to both existing and new micro-SME units.