Indian Bank Launches 'Ind GST Advantage' for Instant MSME Loans"

"Udaipur: Indian Bank has initiated "Project Wave" to digitize its operations with the aim of conducting its business through digital means. As part of this digital transformation, the bank has launched "Ind GST Advantage," a digital platform that offers instant MSME (Micro, Small, and Medium Enterprises) loans to existing customers registered under the Goods and Services Tax (GST) regime. These loans will be available in the range of INR 5 lakhs to INR 25 lakhs.

To familiarize businesses with this program, Indian Bank will be organizing a seminar on September 25th at 4 PM at Shobhagpura, 100 Feet Road, Ashoka Palace Green. The seminar will feature speakers such as Suman Kumar (Indian Bank, Zonal Head, Udaipur), Satish Kumar (DGM Retail Banking Udaipur), and Deepak Sharma (DGM Retail Banking Udaipur), who will provide information about the program to the business community.

Who Can Apply:

Customers can apply for loans under this program, and the entire process, including evaluation, documentation, approval, and disbursal, will be done through digital channels. Customers can avail of this facility through any of the following digital mediums:
- Mobile Banking
- Internet Banking
- Indian Bank Website

Special Benefits of "Ind GST Advantage":

- No need for physical applications.
- Customers do not have to visit the branch.
- KYC verification is not required as only GST-registered customers will be eligible.
- Manual appraisal and approval by the branch are not needed.
- Documents are auto-generated; there is no manual preparation.
- No manual account opening and disbursal processes.
- Instant approval and disbursal.

Prerequisite Documents:

Before applying for a loan, applicants should possess the following details:

- PAN (Permanent Account Number)
- Udyam Registration Certificate (It should match the mobile number linked with the CBSE.)
- GSTIN (Goods and Services Tax Identification Number) and GST site user ID.
- Active mobile number linked with the savings/current account and Udyam Registration Certificate (as mentioned in the CBSE).
- OTP will be sent to the registered mobile number/email ID on the concerned site.

The launch of "Ind GST Advantage" is a significant step towards enhancing digital banking services and providing instant financial support to MSMEs, simplifying the loan application process, and reducing the need for physical documentation and branch visits.