• Bank of India teams up with Cashinvoice to offer MSMEs loans approved in just 30 minutes.
• The new digital platform aims to disburse Rs1,000 crore in working capital to over 2 lakh MSMEs in the next few months.
• This move addresses the long-standing credit gap faced by India’s MSME sector, which contributes significantly to the economy.

Bank of India has introduced a new fast track loan service called ‘BOI Trade Easy’ in partnership with Cashinvoice, a supply chain finance technology company. This service allows Micro, Small, and Medium Enterprises (MSMEs) to get loan approvals in just 30 minutes, a huge improvement from the traditional 15 to 30 day waiting period.

India’s MSME sector, comprising 63 million businesses and employing over 110 million people, plays a vital role in the country’s economy by contributing nearly one third of the GDP. Despite this, MSMEs face a credit shortfall of over Rs20 lakh crore, with long approval processes and limited access to working capital slowing their growth.

Ashok Kumar Pathak, CGM at Bank of India, explained that timely and structured financing has been a long standing challenge for many MSMEs. “With BOI Trade Easy, we aim to simplify lending through innovative digital solutions that speed up credit delivery and enhance customer experience”, he said.

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The new platform uses automated digital credit assessments, making the loan process faster, transparent, and easier for MSMEs. Bank of India plans to disburse Rs1,000 crore in working capital loans through this platform within the next 4 to 6 months, potentially benefiting over 2 lakh MSMEs across the country.

This initiative promises to boost the MSME sector by providing quick access to finance, helping businesses meet their operational needs and scale their activities more efficiently.

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