Axis Bank, India’s third largest private sector bank, in partnership with Snapdeal, launched a first of its kind pre-approved loan offer to assist sellers to prepare for the festive season. The loan offers are especially designed to enable sellers who are mostly SMEs to scale-up inventory and meet the huge surge in demand in the run up to Diwali.
The loan offers, ranging from Rs 2 Lakh to Rs 1 Crore will be will be available to them till 31st October 2015 through their Snapdeal seller panels. These collateral-free loans will be offered to select sellers under Snapdeal’s seller financing program – Capital Assist. Sellers will be identified for these offers on the basis of their past performance on the Snapdeal platform.
Speaking about the partnership, Shikha Sharma, MD& CEO, Axis Bank, said “We are extremely excited to partner with Snapdeal for this one of its kind initiative. Though common for individual customers, this is the first time that small businesses are being offered pre-approved working capital loans. Clubbed with Snapdeal’s wide-spread seller program we aim to offer seamless and easy credit facilities depending on their business requirements to meet the demand of the festive season.”
Kunal Bahl, Co-founder & CEO, Snapdeal said “In our journey towards enabling 1 million entrepreneurs become successful online we are very excited to partner with Axis Bank. India witnesses a big surge of consumer demand during the Diwali season and this is a huge opportunity for us to create a significant positive impact in the business of our sellers. Easy access to working capital is one of the biggest impediments to the growth of MSMEs in India and by offering pre-approved loans for our sellers we want to ensure that working capital is not a constraint for their growth.”
The partnership will lay the foundation of a unique business model created specifically for ecommerce platforms. Axis Bank is a pioneer of merchant lending in the e-commerce segment and this partnership will benefit sellers on Snapdeal as they are provided quick and easy access to collateral-free working capital finance.
The loan application process will be concluded in 4 easy steps:
§ Step 1: Sellers with pre-approved loan receives the offer on their seller panel.
§ Step 2: Interested sellers accept the offer and fill a simple application form online.
§ Step 3: Axis Bank provides call and doorstep visit facility for information exchange, KYC documentation and assistance. No financial statements or Income Tax proofs required.
§ Step 4: Collateral–free loan disbursed within one to three days
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2014 The Global Indian New Network (TGINN)