Home / Knowledge / News / Textiles / Amazon India launches Seller Lending Network
Amazon India launches Seller Lending Network
14
Jun '18
Courtesy: Amazon India; (L to R): Vivek Somareddy along with Gopal Pillai at the launch
Courtesy: Amazon India; (L to R): Vivek Somareddy along with Gopal Pillai at the launch
Amazon India has launched its Seller Lending Network, further scaling its seller lending programme launched in 2016, to offer sellers on Amazon.in loan options from multiple third party lenders. With this, a seller can perform all loan-related activities by linking their Amazon sale proceeds to their loan account, on Amazon’s seller central portal.

Building on the core value proposition of Amazon.in, the new Seller Lending Network will provide various facilities including wider selection, better value and greater convenience. Sellers can now choose loan offers tailored for their business needs from multiple lenders and loan types (term loans or overdraft loans). They will also save around 150 – 250 bps on interest rates due to competitive rates offered by the lenders. The online process of getting loans will be possible with minimal documentation and a very quick loan approval process of 2-3 days for new loans, and intraday approval for existing loan renewals.

"We are extremely happy to launch the Seller Lending Network, to further simplify and ease access to working capital for sellers through our banking partners. This is in-fact, the first geography where Amazon has built a lending program like this for sellers. Our endeavour is to make the end-to-end process quicker and convenient, allowing sellers to focus on their core business and grow. At the same time we are also focused on giving an enhanced experience to the lending partners - banks and NBFCs through seamless information sharing on seller performance and easy repayment solutions. Interestingly, loan disbursements under our Lending programme have grown 4.5X since 2016 and we have seen that for every rupee that is disbursed an almost equivalent improvement in business is observed by sellers. This gives us confidence that sellers are really looking at us for working capital support and this new programme will further enable them," Gopal Pillai, GM and director Seller Services, Amazon India said.

"Under the Amazon Lending Program, I am able to see multiple loan offers across multiple lenders. This lets me choose the best product suited for my financial needs based on loan amount, rate of interest and type of loan. The end-to-end process is completely online along with uploading documents and the approval time is awesome compared to financial institution offline," said seller Jagjot Singh of JSB Healthcare from New Delhi.

The Seller Lending Network also has Lender Central, a portal for Lenders (similar to Seller Central for sellers), to facilitate exchange of information between lenders and Amazon. Lender Central facilitates information about seller performance data, loan application status and loan portfolio details. In addition, by using Lender Central, lenders can track performance of a seller on Amazon.in real-time, thereby allowing lenders to better assess the sellers and make loan-decisioning models more comprehensive. The lending partners benefit from access to a pool of customers, seamless data exchange and loan repayment, thereby simplifying/reducing their operational overheads.

"FlexiLoans has been working with the Amazon Lending programme for about 8 months now. Launch of the new network has, completely automated lead sharing process and API integration. Lender Central has made our lives much easier with updation of seller performance and ease of  data sharing, among other things that have become a breeze and easy to follow set up of repayment process for the loans and acknowledgement process," FlexiLoans.com, one of the lending partners, said. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

Sales tax reduced for Pak textile, leather sectors

Textiles | On 20th Nov 2018

Sales tax reduced for Pak textile, leather sectors

Pakistan’s Federal Board of Revenue (FBR) recently issued procedure...

US may include RMG in revised duty free Nepali items list

Apparel/Garments | On 20th Nov 2018

US may include RMG in revised duty free Nepali items list

The United States is interested to revise the list of Nepali products ...

Courtesy: Microsoft

Information Technology | On 20th Nov 2018

Gap partners with Microsoft for digital transformation

Gap has established a strategic partnership with Microsoft to drive...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Textile institutes need to change their curriculum

Sachin Sharma, Gem Enviro Management Pvt Ltd

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Kamlesh Vaghela, RK Textiles

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Harssh Chheda,

Harssh Chheda

Mumbai-based Corporate Collars provides bespoke tailoring services for...

Tom,

Tom

<div>Inkbank is a leading supplier of inkjet inks and inkjet printing...

Sandip Bhojani, Manthan Patel,

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search