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Snapdeal Offers Rs 1,000 Crore Collateral-free Loans for Snapdeal Sellers

Mumbai: On-line marketplace Snapdeal has declared collateral-free loans value Rs 1,000 crore for its snap deal sellers prior the joyous season to modify them to extra service adequately.

The loans would be disbursed through it's in progress program -- Capital Assist -- that is currently managed by FreeCharge and is on the market to any or all sellers on Snapdeal, Shop, and FreeCharge, Snapdeal same in an exceeding statement here.

"The festal season provides a chance to our sellers to grow their businesses repeatedly over, with the sharp increase in demand. Through Capital Assist, we've got created the funding method resistance and expect over Rs 1,000 crore disbursal to Snapdeal sellers previous this Diwali season," Vishal Chadha, the Senior VP (Market Development) of Snapdeal, said.

Snapdeal's Capital Assist Initiative has been serving to sellers raise funds while not collaterals or extended documentation, providing a platform to induce direct market access and faucet wider finance opportunities.

The marketplace has co-evolved a grading method with partner banks and NBFCs to supply credit rating to its sellers, it said, that permits instant call on loan applications and fast disbursal.

Currently, the Capital Assist Initiative has partnered with twenty-seven banks and Non-Banking Finance firms (NBFCs) together with bank of India, HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, Tata Capital, Reliance Capital, L&T Finance, Hero Fincorp, Hindu deity Birla Finance, loaning Kart and Capital Float, among others, to facilitate these loans.

Till now, loans value Rs 450 crore are disbursed to over 2,200 little and medium-sized enterprises, Snapdeal said.


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