State Bank of India (SBI) launched ‘SBI Asmita’, a collateral-free SME loan exclusively for women entrepreneurs, offering low-interest rates and a fully digital application process, on International Women’s Day 2025. Additionally, India’s largest bank SBI, introduced ‘Nari Shakti’ Platinum Debit Card, aimed at enhancing financial inclusion and women’s entrepreneurship.
Key Highlights of ‘SBI Asmita’
- Collateral-Free SME Loan: Women entrepreneurs can avail of business loans without pledging any security.
- Fully Digital Process: The loan application and approval process are completely online, making access to credit faster and more efficient.
- Technology-Driven Verification: SBI Asmita uses APIs to verify borrower details through GSTIN, bank statements, and credit bureau records, eliminating the need for physical documentation.
- Entrepreneurial & Management Training: High-performing borrowers will be provided with training to scale their businesses.
- Supports Financial Inclusion: Aligns with SBI’s MSME growth strategy for the next five years, reinforcing financial empowerment for women-led businesses.
- International Women’s Day Focus: The initiative aligns with the global theme, ‘Accelerate Action’, by promoting women’s financial independence.
Why SBI Asmita Matters?
- Women’s Borrowing Trends:
- Only 3% of women’s borrowings in India are for business purposes.
- 42% of borrowings go towards personal finance (loans for personal expenses, home ownership, consumer durable loans).
- 38% of loans are taken against gold.
- SBI Asmita aims to change this trend by offering easy credit access to women entrepreneurs.
‘Nari Shakti’ Platinum Debit Card
Alongside SBI Asmita, SBI also launched the ‘Nari Shakti’ RuPay Platinum Debit Card, designed to support women’s lifestyle needs.
Key Features of ‘Nari Shakti’ Debit Card
- Eco-Friendly: Made from 100% recycled plastic.
- Exclusive Benefits: Discounts and offers on shopping, travel, entertainment, and insurance.
- Encourages Financial Independence: Designed to increase women’s participation in digital transactions and banking.