Axis Bank ties up with Snapdeal to provide collateral free loans
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Mumbai: Axis Bank has tied up with Snapdeal to provide pre-approved, collateral-free loans to sellers on the online marketplace. The loans, ranging from Rs2 lakh to Rs1 crore, will be disbursed till 31 October.
“The loan offers are especially designed to enable sellers who are mostly SMEs (small and medium enterprises) to scale up inventory and meet the huge surge in demand in the run-up to Diwali,” Axis Bank said in a statement.
The bank did not specify what the average interest rate on these loans would be. Sellers on Snapdeal, India’s second largest e-commerce firm, will not need to submit any financial statements or proof of income tax payments for availing these loans.
These collateral-free loans will be offered to select sellers under Snapdeal’s seller financing programme—Capital Assist. Sellers will be identified for these offers on the basis of their past performance on the e-commerce platform, the statement said.
In May, State Bank of India had tied up with Snapdeal to offer similar loans.
On Tuesday, Jasper Infotech Pvt Ltd, which runs Snapdeal, said it will disburse loans worth Rs 1,000 crore by March to small and medium businesses listed on its platform as part of Capital Assist.
The company has already provided loans worth Rs 200 crore to help sellers meet their working capital requirements, co-founder and chief executive Kunal Bahl said.
Under the initiative, the company has partnered with leading non-banking financial companies and banks that include State Bank of India, Tata Capital, IIFL, ICICI Bank, HDFC Bank, RBL Bank, L&T Finance, Reliance Capital, Neo Growth, Lending Kart and Capital Float, among others, Snapdeal said.
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