New Delhi: ICICI Bank has 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 amazon.in, instantaneously and digitally.
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.
Here are the benefits of ‘InstaOD’ for amazon.in sellers:
– 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
These are the quick steps for the sellers to avail the ‘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.
Sellers registered on amazon.in can avail the ‘InstaOD’ facility through Amazon Seller Central or by clicking on the following link: https://sellercentral.amazon.in/lending/ph/offers
“The new credit assessment method offers significant convenience to the sellers as it does away with the paper-intensive bank statements or income tax returns for assessing credit worthiness. Further, it empowers small businesses and individual sellers who are ‘new-to-credit’ and ‘existing MSME borrowers’ to unlock the value of their digital transactions and get access to instant credit,” the bank statement said.