Now, loans available on Flipkart and that too quickly! See who can get one

Flipkart in a statement Thursday, said 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.

Flipkart in a statement Thursday, said 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. Reuters

Flipkart has grabbed the attention of all the digitally enabled and online shopping lovers who do not want to waste time going to the nearby market or mall. It sells almost everything that comes to mind. However, apart from keeping its customers happy, it also has to cater to the well-being of its sellers. It has now been revealed that the Walmart-owned e-commerce major has tied up with a few banks and NBFCs to offer its seller-partners working capital loans within two days at pricing of 9.5 percent. In his statement, Flipkart CEO Kalyan Krishnamurthy 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".

Which banks and financial entities will offer loans?

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It has partnered with 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.

Who will benefit?

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.

What will be the average loan size?

It will be Rs 7 lakh, but sellers can avail loans up to Rs 3 crore at interest rate of 9.5 percent.

What is the tenure?

The tenure on term loan and credit line options is upto 12 months, it said.

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