With an assortment of 12 million+ products across 500+ diverse categories, online marketplace Snapdeal has now announced the launch of instant loan approval facility on its flagship seller financing platform – Capital Assist. It is going to be the first platform in India which enables SMEs to get instant loan approval from financers.
Vijay Ajmera, Senior Vice President, Snapdeal says, “This new facility will further increase the ease of doing business for SMBs by providing them access to capital. Snapdeal sellers will now be able to get approval for unsecured loans from financers.”
Over 300 Snapdeal sellers have benefited from Capital Assist and loan of more than Rs 100 crores has been sanctioned so far. Under Capital Assist, Snapdeal has partnered with leading NBFCs and banks that include SBI, Tata Capital, IIFL, ICICI Bank, HDFC Bank, RBL Bank, L&T Finance, SBI, Reliance Capital, Neo Growth, Lending Kart and Capital Float among others.
These financial institutions provide seamless and low interest loans to sellers depending on their current and future business requirements.
“We will continue to work towards empowering the SMEs to help them expand their businesses, tap wider opportunities and encourage the spirit of entrepreneurship among them,” adds Ajmera.
The move will help ease off the loan sanctioning procedures as conventional lending process takes a few weeks for loan approvals, multitude of documents are to be submitted by the business along with multiple visits and iterations. The company aims to bring significant efficiencies in this process by making this digital.
With millions of users and 150,000 sellers, Snapdeal is the shopping destination for internet users across the country, delivering to 5000+ cities and towns in India. In its journey till now, Snapdeal has partnered with several global marquee investors and individuals such as SoftBank, BlackRock, Temasek, eBay Inc., Premji Invest, Intel Capital, Bessemer Venture Partners among others.
Despite the clarification, the beleaguered e-commerce firm has shutdown marketplace Shopo in February after a year-and-a-half of operations
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