ICICI Bank to offer instant overdraft to sellers registered on amazon.in

FPJ Web DeskUpdated: Monday, September 27, 2021, 02:29 PM IST
article-image
ICICI Bank-Amazon partnership enables sellers to avail an OD from the Bank in a process--from application to sanction to disbursement-- that is entirely digital. |

ICICI Bank today announced that it has partnered with Amazon India to offer overdraft (OD) facility upto Rs 25 lakh to individual sellers and small businesses registered on the e-commerce company’s online marketplace, www.amazon.in, instantaneously and digitally.

The partnership enables sellers to avail an OD from the Bank in a process--from application to sanction to disbursement-- that is entirely digital. Even customers of other banks can avail the OD facility from ICICI Bank, if they are registered as sellers with amazon.in, according to a press release..

Leveraging advanced data analytics, ICICI Bank has developed this new facility that functions on the back of an industry-first scorecard to instantly evaluate credit worthiness of sellers based on their financial profile including Credit Bureau scores.

The new credit assessment method offers significant convenience to the sellers does away with the paper-intensive bank statements or income tax returns for assessing credit worthiness.

Sellers having current account with ICICI Bank can immediately start using the OD to meet their working capital requirements. Customers of other banks can avail the OD by simply opening a current account with the Bank digitally.

Pankaj Gadgil, Head- Self Employed Segment, SME & Merchant Ecosystem, ICICI Bank said, “The partnership stands to enable sellers to avail instant overdraft up to Rs. 25 lakh in a completely digital manner. They can start using the OD amount immediately to meet their working capital requirements. We have specially curated a new way of assessing credit worthiness of the sellers on the basis of their Credit Bureau score as well as their transaction history on amazon.in. This new and improved process will help the sellers, who may otherwise not get access to adequate credit when assessed in the traditional way of using only balance sheets, bank statements and tax returns.”

Vikas Bansal, Director – Amazon Pay India said, “We are prioritizing our efforts to help sellers on amazon.in bounce back from the disruption owing to COVID-19. Our partnership with ICICI Bank will provide sellers across India with an OD facility instantly and digitally at affordable rates to meet all their current and future requirements.”

Key features

Online loan application: Sellers registered on amazon.in can apply for the OD instantly online through amazon.in in a completely digital and paperless manner

Easy process: The Bank evaluates sellers instantly on the basis of their Credit Bureau score and their transaction history on amazon.in, making the loan approval process easy and quick. This is a marked improvement over the typical process which demands sellers to go through the tedious paper-intensive process of submitting income tax returns, bank statements and GST returns

Instant sanction and disbursal: The approved OD amount is instantly sanctioned and disbursed into the seller’s current account

Pay for what you use: Sellers only need to pay interest on the amount of OD utilised by them

Auto-renewal facility: The OD is renewable on an annual basis, depending on the repayment track records of the seller

How sellers can avail ‘InstaOD’:

View offer: Eligible sellers can find the ICICI Bank offer on their account of Amazon Seller Central, online portal for sellers registered on amazon.in

Click on banner: The seller is redirected to ICICI Bank’s ‘InstaOD’ platform upon clicking on the banner on Seller Central

Fill details: The seller needs to login and fill in the digital application form

Confirm to sanction amount: Upon confirmation of the amount from the seller, the OD is instantly sanctioned. If the seller already has a current account with ICICI Bank, then the seller can immediately start using the OD

Account opening for new-to-bank seller: Sellers new to ICICI Bank, will be redirected for instant opening of current account and KYC validation.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

More blow to edtech unicorns as Vedantu lays off 385 employees

More blow to edtech unicorns as Vedantu lays off 385 employees

E-rupee isn't the same as UPI, RBI governor explains how

E-rupee isn't the same as UPI, RBI governor explains how

More than 1 crore Indians will join gig workforce by 2025, says Indeed report

More than 1 crore Indians will join gig workforce by 2025, says Indeed report

Number of gaming startups in India surged from five to 1,330 in 6 yrs

Number of gaming startups in India surged from five to 1,330 in 6 yrs

National infra fund to invest in 3 airports being built by GMR

National infra fund to invest in 3 airports being built by GMR