To further assist its sellers with wider and more competitive loan offers ahead of the festive season, Amazon.in has announced two new partnerships with IndusInd Bank and Flexiloans, taking the total count of lending partners to 8 in their Seller Lending Network. As part of these partnerships, Amazon.in sellers will be able to get fast and easy access to working capital from INR 1 Lakh to INR 50 Cr at highly competitive interest rates.
Talking about the partnership, Gopal Pillai, Director & GM, Seller Services, Amazon India said “Through our constant engagement with sellers, we realized that the lack of financial resources can hinder the growth of small businesses, especially ahead of festive season. In line with our focus on selection, value and convenience, by adding recognized partners like IndusInd Bank and Flexiloans, we aim to help our sellers overcome this capital barrier and offer multiple loan options at competitive rates and help them leverage the festive season to the maximum. Amazon Lending Network has been able to provide loans at 500-1200 bps lower than other lending options available to our sellers with loan approvals within 3 days, as compared to offline channels which take over 7-15 working days. This allows our sellers to focus on their core business while we take care of providing them with hassle-free financial solutions. Like always, we work seller backwards and try and resolve all their hurdles to ensure a seamless selling experience.”
Speaking on the partnership Sanjeev Anand, Country Head, Commercial Banking, IndusInd Bank said, “IndusInd Bank is proud to partner with Amazon India to provide a tailor-made banking solution to their seller base. With this partnership, we would like to continue to aid finance to the SME sector and would like them to benefit from the growing e-commerce ecosystem as well. We believe that it will further accelerate the growth of businesses of all sizes on Amazon and enable IndusInd Bank to sustain its support of the growth story of SMEs in India.”
Co-Founder of Flexiloans, Deepak Jain says, “Indian e-commerce sellers look forward to the festive sale season each year that contributes to a significant bump in their sales and consequently the cash flow requirements. Extending our strong relationship over the last year, we have again created exclusive lending offers for Amazon sellers to empower them this festive season“
