India’s largest lender State Bank of India (SBI) has launched SBI e-Smart SME to provide a working capital loan for sellers on ecommerce platforms.
It was launched by SBI in partnership with ecommerce platform Snapdeal in the presence of bank’s chairman Arundhati Bhattacharya and Snapdeal CEO Sri Kunal Bahl.
About SBI e-Smart SME
Sellers on ecommerce platforms can apply for the loan online and get instant sanctioning of the loan with KYC documents.
In order to assess the sellers’ creditworthiness for loan sanctioning, the bank will use proprietary platform data and surrogates information from public domain.
It is exclusive and easy finance that will be made available at lowest interest rates.
Collateral free loan will be granted upto 10 Lakh rupees under MUDRA (Micro Units Development and Refinance Agency) scheme.
Women entrepreneurs will be given concession of 0.25% on the loans.