Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,913.455.3
Stock Analysis, IPO, Mutual Funds, Bonds & More

Flipkart ties up with banks, NBFCs to offer quick loans

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.

PTI|
Jun 20, 2019, 08.40 PM IST
0Comments
BCCL
Flipkart
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.
MUMBAI: Walmart-owned e-commerce major Flipkart has roped in a few banks and NBFCs to offer its seller-partners working capital loans within two days at pricing of 9.5 percent.

It has revamped its seller financing programme called 'Growth Capital' which allows over 1 lakh sellers to avail of credit from 10 banks and NBFCs with one-day approval and disbursal in the next two days, the company said in a statement Thursday.

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.

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 Rs 7 lakh but sellers can avail loans up to Rs 3 crore at interest rate of 9.5 percent. The tenure on term loan and credit line options is upto 12 months, it said.

"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," Flipkart CEO Kalyan Krishnamurthy said.

Also Read

Nokia partners Flipkart to launch smart TVs in India

Amazon, Flipkart generate Rs 19,000 cr in festive sales, Flipkart takes lead

Probing 'predatory' pricing by Flipkart, Amazon: Piyush Goyal

Jeyandran Venugopal is Flipkart’s tech chief

Flipkart to start selling food through FarmerMart

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service