ICICI Financial institution presents immediate overdraft facility to sellers registered on Flipkart

ICICI Financial institution introduced that it has partnered with Flipkart to supply immediate and absolutely digital overdraft (OD) facility as much as Rs. 25 lakhs to particular person sellers and companies registered on the e-commerce platform. Enabled by API integration, the partnership helps distributors get ODs from the financial institution in a course of – from utility to approval to supply – that’s fully digital. Clients of any financial institution can avail OD from ICICI Financial institution if they’re registered as vendor with Flipkart.

ICICI Financial institution leverages superior information analytics to develop an industry-first scorecard that helps in fast evaluation of credit-worthiness of distributors. The brand new credit score appraisal technique does away with the standard course of that includes checking paper-intensive financial institution statements and revenue tax returns.

The tactic helps distributors who’re ‘new-to-credit’ in addition to present Micro, Small and Medium Enterprises (MSME) debtors to unlock the worth of their digital transactions and get entry to immediate credit score. Huh.

Sellers having present account with ICICI Financial institution can begin utilizing OD instantly to satisfy their working capital necessities. Clients of different banks can avail OD by opening a present account digitally with ICICI Financial institution, after KYC verification.

Talking on the initiative, Mr. Pankaj Gadgil, Head – Self Employed Phase, SME & Service provider Ecosystem, ICICI Financial institution stated, “At ICICI Financial institution, we perceive that well timed credit score and ease of doing enterprise are very important to the functioning and development of MSME companies. are essential components. , With this partnership, sellers registered with Flipkart can avail immediate OD of as much as Rs. 25 lakhs, in a totally digital approach and begin utilizing it instantly. Fast processing of OD facility is made potential by the specifically developed scorecard for credit score analysis of distributors. This new and improved course of helps particular person sellers and companies who in any other case could not have entry to sufficient credit score when assessed within the conventional approach utilizing solely steadiness sheets, financial institution statements and tax returns. We consider this new proposition is consistent with our endeavor to develop path-breaking improvements for MSME prospects and empower them with new avenues of enterprise enlargement.

Mr. Dheeraj Aneja, Senior Vice President – Fintech & Funds Group, Flipkart stated, “As sellers and MSME companions throughout the nation proceed to place their belief within the Flipkart market, we wish to be certain that our efforts to allow their enterprise development Monetary in addition to help. Flipkart is working in the direction of the monetary independence of its sellers via its devoted program – Development Capital and continues to develop based mostly on the necessities of the market. The introduction of a digital course of to leverage OD in partnership with ICICI Financial institution is yet one more step in the direction of offering the required help that may assist fulfill the aspirations and aspirations of our distributors.

Listed below are the advantages of ‘InstaOD’ for Flipkart sellers:

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