New Delhi. The country’s second largest private sector lender ICICI Bank has announced the launch of a new scheme for small traders. Under this, overdraft (OD) facility up to Rs 25 lakh will be provided to sellers associated with online shopping platform Amazon. For this the bank has partnered with Amazon India. Under this, retail sellers will be able to take advantage of instant overdraft facility in a digital way. Driven by API Integration, this partnership will help lakhs of small businesses get overdrafts from the bank in a single process from application to approval.
How and on what basis this facility is available
According to ICICI Bank, customers of other banks can also take advantage of this scheme. For this, they just need to be registered on Amazon.in (amazon.in). This new facility works on the basis of an industry-first Scorecard developed by ICICI Bank, which instantly assesses the creditworthiness of sellers on Amazon India based on their transaction history and credit bureau scores. The bank has leveraged the upgraded data analytics to link multiple parameters along with the seller’s score with the credit bureaus.
How the Scheme Will Strengthen Small Businesses The
new credit appraisal method provides a unique convenience to the sellers. It does away with the process of scrutinizing paperwork of intensive bank statements or income tax returns to assess creditworthiness. In addition, this system empowers small businesses. The businessmen covered under this scheme of the bank are those who are new to credit and are existing MSME borrowers. This way they can unlock the value of their digital transactions and get instant credit. Sellers having current account with ICICI Bank can start using OD immediately to meet their working capital requirements. At the same time, customers of other banks can take advantage of OD by opening a current account with the bank digitally.
“Lakhs of sellers will be benefited under the scheme”
Pankaj Gadgil, Head of Self Employed Segment, ICICI Bank’s SME and Merchant Ecosystem, said that MSME businesses can grow only through timely credit facilities and ease of doing business. Keeping this in mind, we are launching the OD facility instantly and digitally for sellers registered on Amazon.in. Our partnership will enable lakhs of sellers registered on the Amazon sellers portal to avail an instant overdraft of up to Rs.25 lakh. This new and improved process will help co-sellers who may not have access to adequate credit when assessed in the traditional way of using only balance sheets, bank statements and tax returns.
Benefits to Amazon Sellers
- Amazon sellers can apply for overdraft digitally through the Amazon portal.
- With the assessment of sellers on the basis of credit bureau score and profile on Amazon, loan will be easily available.
- The OD is approved immediately and transferred to the current account of the seller.
- Interest will have to be paid only on the amount of overdraft utilized.
- The OD will be renewed annually based on the repayment track record of the seller
Amazon Sellers How to Apply
- View Offers – Eligible sellers can avail ICICI Bank offers on Amazon Seller Central.
- Click on the Banner- On clicking the offer, the seller is redirected to ICICI Bank’s InstaOD platform.
- Fill the details- The seller has to login and fill the digital application form.
- Confirm Approved Amount – OD amount is approved immediately upon confirmation of the amount from the seller. Customers having current accounts with ICICI Bank can start using OD immediately.
- Opening of New Seller Account for the Bank – Customers who are new to ICICI Bank are immediately redirected for Current Account Opening and KYC Verification.
- Sellers registered on Amazon.in can avail InstaOD through Amazon Seller Central Portal https://sellercentral.amazon.in/lending/ph/offers.
