State Bank of India (SBI) on Thursday launched a first-of-its-kind product ‘SME Assist’ wherein the bank will provide a short-term Working Capital Demand Loan (WCDL) to bank’s MSMEs for nine months.
Under SME Assist, the bank would provide loan to Micro, Small and Medium Entrepreneurs on their Input Credit Claims under GST, at a concessional rate of interest.
V Ramling, CGM (SME), said SBI has been at the forefront in handholding the SME sector.
“This product will help them manage their working capital requirement till the time they get input credit,” Ramling said.
He added that it also supports the government’s GST initiative, as it will help stabilise the SMEs to run their operations without any hurdle.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks