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.

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 the pricing of 9.5 per cent.

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, Flexi loan, 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 an interest rate of 9.5 per cent. The tenure on the term loan and credit line options is up to 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.