Snapdeal offers Rs 1,000 crore collateral-free loans for sellers
To lead the race to become the most successful online shopping portal of India, Snapdeal has come up with a innovative credit scheme for the sellers that are registered with it. With the festive season like Durga Puja, Diwali, Christmas, etc. knocking at the door, Snapdeal will give affordable and easy loans to those third party sellers who trade through Snapdeal so that they can upgrade their stocks and be ready for a good business. The credit plan will be collateral – free and will be provided to the rated sellers of Snapdeal.
Loan corpus for the loans
With the festive seasons coming, there is a huge surge of online orders throughout the country. To deal with the surging demand of the products from the online shoppers, Snapdeal will be giving easy credit to the sellers who make business through this shopping portal. The marketing team of Snapdeal has set a huge corpus for providing the loans to the Snapdeal sellers. In a recent announcement by Snapdeal’s marketing head, the company has revealed that it has set a corpus of Rs. 1,000 crore to be meant for providing the loans to the sellers which they can easily claim and stock up for the festive season. After the announcement, till date a total of Rs. 450 crore loans has already been given to the claimed beneficiaries who mostly are the small/ medium size sellers.
Finance program by Snapdeal
Snapdeal’s recent credit project for the sellers and all other finance services are dealt by the financing partner Capital Assist. It is not only working with Snapdeal, but also is giving financial management to top shopping web portals of Indian like Free Charge, Shopo, etc. Capital Assist has made partnerships with several top nationalized banks and financial institutions through which it is managing the financial network of Snapdeal. A total of 27 such banks and financial institutions have been partnered by Capital Assist. The partnership with the NBFCs has enabled to provide better financial solutions and sanction the loans on a collateral-free manner to the beneficiaries.
Collateral – free financial aid
The sellers registered with Snapdeal, which is one of the India’s top online shopping portal will be getting loans easily through the Capital Assist project by Snapdeal. There will be no need of lengthy documentation process involved. Instant loans will be provided as per the ratings of the sellers on the web portal. They will get more access to the market and will be able to do business more efficiently through Snapdeal. This will surely open up more opportunities to the sellers to make financial growth.
Some important data:
|Name of credit program
|Snapdeal Capital Assist Initiative
|Rs. 1,000 crore
|Total loan sanctioned so far
|Rs. 450 crore
|Total no. of beneficiaries given loans so far
|27 banks and NBFCs