Raipur, 23 June-2014, PTI: Crop loans of over Rs. 1,000 crore have been disbursed in…
MUMBAI: Snapdeal is planning to give out loans worth Rs 1,000 crore in the next six months, to attract more sellers on its e-commerce platform, a report by a leading daily has said.
Snapdeal, one of the leading e-commerce platforms in the country, has already given out loans worth Rs 300 crore to attract merchants. According to the company, merchants stand to avail loans at a rate of interest 2-3% lower than they would otherwise get from banks. This is because of Snapdeal’s loan disbursement programme.
To make the process less cumbersome and get as many sellers it can on its platform, Snapdeal is planning to make its loan disbursement simple and quick. For this, according to the report, the company is also doing away with most cumbersome paperwork and financial proof needed to avail loans conventionally and instead is coming up with its own credit rating engine on the lines of CIBIL.
This is the first time that such a credit rating engine has been developed in India to assist merchants, Vijay Ajmera, senior vice president, Capital Assist Programme at Snapdeal has been quoted in the report as saying. The report said that company is already in talks with several banks interested in lending to small, online sellers, to adopt the engine.