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Amazon India Partners with Bank of Baroda to Offer Micro Loans at 10.45 and 11.5 per cent for Sellers

Online Retail Giant Amazon India is ensuring that sellers on its platform have adequate working capital. The Indian arm of the US based E-Commerce Giant intends to give unsecured micro-loans, as low as ₹1 lakh, at interest rates as low as 10.45-11 per cent at a short span of 3-5 days. The company has tied up with Bank of Baroda for the loans, which can go maximum up to ₹25 lakh.

For Amazon India, this is a sort of expansion of its current Seller Lending program, which was propelled a year ago, wherein it has associations with YES Bank and Capital First for Loans of ₹5 lakh-2 crore. With the Bank of Baroda tie-up, the organization needs to oblige each stratum of dealers. The bank will at present offer the loans on an invite-only basis to the marketplace sellers.

Gopal Pillai, Director, Seller Services, Amazon India, said working capital is the greatest test for all dealers.

The organization needs to enable merchants to expel every one of the obstructions in such manner and make a biological community where they can concentrate on developing and growing their business as opposed to worrying about capital, he said.

The rates offered are relatively less expensive than those being given by online lending platforms.

Pillai included that the advance disbursals depend on different calculations, including the vender’s execution, account residency, offering history, client input and consistence, to guarantee there are no defaults.

The reimbursements will be done through a bolted account gave by Bank of Baroda, along these lines helping the bank, as well, to develop its client accounts.

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