Bank has taken yet another giant leap in this space with the launch of SBI e-Smart SME, a working capital loan offering for sellers on e-commerce platforms.
The sellers can apply for loan online and get immediate sanction – thereby enabling “loans at the click of a button”. This innovative product moves away from traditional lending based on financial statements like balance sheet and income tax returns; and instead uses proprietary platform data and surrogate information from public domain to assess the seller's credit worthiness for loan sanctioning.
The product was launched in partnership with the well-known e-commerce platform Snapdeal in the presence of Bank’s Chairman Smt. Arundhati Bhattacharya & Snapdeal CEO Sri Kunal Bahl, on 15.01.2016 at SBI Corporate Centre, Mumbai.
Some of the important features of the product are as below:
- Exclusive & easy finance
- Quick online sanction with KYC documents
- Lowest Interest Rates
- Collateral free loan upto Rs. 10 Lacs under MUDRA
- 0.399% Processing Fee
- Concession of 0.25% to Women Entrepreneurs
It is Bank’s endeavor to fuel the growth of young and digital India, by providing access to quick and low-cost finance to millions of SMEs helping them grow big in their business. This new product enables millions of small brick-and-mortar merchants who are selling on the e-commerce platform to overcome their liquidity crunch and expand their business exponentially and digitally.
With this new facility, sellers can apply for the loan online on the e-commerce platform and get instant sanctioning of the loan. Platform performance data enables us to assess the merchant's credit worthiness without relying on traditional financials like Balance Sheet and Income Tax Returns.
Access to quick and easy finance will provide necessary push to the growth of e-Commerce industry and consequently the SME segment. The boom of e-Commerce will also provide impetus to the Government's 'Make in India' campaign; as more and more sellers grow their business online.