Banking giant SBI has taken another leap in this space with the launch of SBI e-Smart SME, a working capital loan offering for sellers on e-commerce platforms. With this development, sellers can apply for the loan online on the e-commerce platform and get instant sanctioning of the loan. E-commerce platforms are an important part of retail, especially as many buyers are going online to find what they need, so there is a lot of competitiveness. Financial backing like this can help immensely in tough times, that is why online businesses need to be on top of their finances every step of the way with resources such as an ecommerce accountant, as well as other e-commerce assistance, for example, to give them a better footing.
This product uses proprietary platform data and surrogates information from the public domain to assess the seller’s creditworthiness for loan sanctioning. The product was launched in partnership with e-commerce platform Snapdeal in the presence of bank’s chairman Arundhati Bhattacharya & Snapdeal CEO Kunal Bahl.
Some of the important features of the product are:
- Exclusive & easy finance
- Quick online sanction with KYC documents
- Lowest interest rates
- Collateral free loan upto INR 10 Lacs under MUDRA
- 0.399% processing fee
- Concession of 0.25% to women entrepreneurs
This new product will enable millions of small brick-and-mortar merchants, who are selling on the ecommerce platform, to overcome their liquidity crunch and expand their business exponentially and digitally.
Also Read SBI’s Dedicated Branch For Startups
SBI InCube
SBI InCube will be a one-stop advisory services facility for entrepreneurs but will not offer loans to startups for now, Bank Chairperson,Arundhati Bhattacharya, said. The service would be extended to other cities later.
SBI Exclusif
The wealth management service, SBI Exclusif, will offer a new banking experience to the fast growing number of affluent customers. Its customers would have access to a relationship manager and trained investment experts who would guide them on best investment options across categories.
