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DBS Bank India Unveiled Online Credit Solutions Platform, ‘DBS Digital Business Loans for SMEs’

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DBS-Bank-India-unveils-online-loan-platform-for-SMEsOn September 16, 2020 DBS Bank India Ltd(in short- DBS Bank India) launched an online credit solutions platform, ‘DBS Digital Business Loans for SMEs’ to provide loans for Small and medium-sized enterprises (SMEs)  businesses in a convenient manner with credit facility up to Rs 20 crore. This segment-flagship platform facilitates access to business credit  across the entire spectrum of micro, small and medium enterprises. 

About DBS Digital Business Loans for SMEs

i.For loans above Rs 5 crore, customers can avail the loan through a simple online process by uploading bank statements, and IT(Income Tax) returns.

ii.If the lending criteria is met, the platform is enabled to auto-generate an e-offer letter.

iii.In-principle approval for loans of up to Rs 5 crore can be obtained within 24 hours by the enterprises with a turnover of up to Rs 25 crore, subject to completing the loan application and fulfilling  the lending criteria.

Note– Already, loans worth Rs 1,000 crore have been disbursed through the platform to diverse businesses engaged in trading, manufacturing and services in these markets.

Additional Info 

  • DBS Bank India has completed the pilot run for the DBS Digital Business Loans platform in New Delhi, Chennai & Bengaluru among others.
  • The bank will further offer the online credit platform to businesses in Gurugram, Noida & Coimbatore among others.

Points to be Noted

Global Finance, the New York-based financial publication, has named DBS as ‘Best Bank in the World’ for the 2nd time in 3 years in its World’s Best Global Banks 2020 Awards.

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National Payment Corporation of India (NPCI) has launched ‘nth Rewards’, a business intelligence and analytics enabled omni-channel multi-branded loyalty platform. This platform enables users to earn ‘nth’ (denoting infinite possibilities) points through various bank transactions and redeem them instantly on various products, such as e-vouchers, donations, hotel and flight bookings.

About DBS Bank India Limited:
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Surojit Shome 

About DBS Group:
Headquarters– Singapore
CEO and Director– Piyush Gupta