Flipkart partners with banks, NBFCs for quick loans

24 Jun '19

1 min read

India’s Flipkart has roped in a few banks and non-banking financial institutions (NBFCs) to offer its seller-partners working capital loans within two days at 9.5 per cent interest rate. It has revamped its 'Growth Capital' seller financing programme, which allows over 1 lakh sellers to avail of credit with one-day approval and disbursal in the next two days.

The company has tied up with financial partners, namely 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, a news agency reported citing a company statement.

The company noted that the sellers most benefited by the programme are small scale and a majority of the loans are used to meet working capital requirements and demand spikes.

The average loan size will be ₹7 lakh but sellers can avail loans up to ₹3 crore. The tenure on term loan and credit line options is up to 12 months, the company said. (DS)

Fibre2Fashion News Desk – India

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