Flipkart to offer loans to its sellers
Flipkart will now offer its sellers loans within 48 hours from a range of banks as part of its “Grow Capital” seller financing programme, the business said on June 20. The move aims to help sellers scale their businesses.
The e-commerce platform will offer its sellers loans with interest rates of 9.5 percent for a period of up to one year and loans will be paid into sellers’ bank accounts within just 48 hours, Mint reported. As well as applying for the loan online, sellers will be able to monitor the loan from Flipkart’s seller portal.
The scheme is intended to help micro, small, and medium enterprises to grow and the average loan size will be Rs 7 lakh ($10,061). Loans up to Rs 3 crore will be permitted.
Flipkart has partnered with 10 lenders for the new programme: State Bank of India, Bank of Baroda, Axis Bank, Aditya Birla Finance, Tata Capital, Flexiloans, Small Industries Development Bank of India, LendingKart, Indifi, and Happy Loans. The loans will require minimal documentation and are designed to cover cash flow blockages and spikes in demand.
“This is part of Flipkart’s core mission of developing shared value in the ecosystem and helping digitise India through the latest tech and innovations," said Flipkart’s CEO Kalyan Krishnamurthy in a statement.
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