Top News

Snapdeal to give Rs 1,000 crore credit to sellers in 6 months

  • Online marketplace Snapdeal is looking to disburse loans worth Rs 1,000 crore over the next six months to its sellers, theTimes of India reported.
  •  
  • The Softbank-backed e-commerce company has developed an industry-first credit rating engine on the lines of CIBIL, which uses big d
    • Online marketplace Snapdeal is looking to disburse loans worth Rs 1,000 crore over the next six months to its sellers, theTimes of India reported.
    •  
    • The Softbank-backed e-commerce company has developed an industry-first credit rating engine on the lines of CIBIL, which uses big data algorithms to detect risk behaviour and payback capability of borrowers by tracking their transaction history and customer feedback, the report said.
    •  
    • Snapdeal claims there has been no default by its sellers yet.
    •  
    • “There are similar credit rating engines used in Europe and the US such as Kreditech and Kabbage. This is the first time that such an innovative credit rating engine has been developed in India to provide cash to merchants,” said Vijay Ajmera, senior VP, Capital Assist programme, Snapdeal.
    •  
    • The company is in talks with several banks wishing to lend to online sellers for the adoption of the rating engine. Around 1,200 out of a total of 2.5 lakh sellers on Snapdeal have signed up for loans, theTOI report said.
    •  
    • “Loans as small as Rs 30,000 have been sanctioned to help small businesses scale up from scratch. They aid our smaller sellers grow and expand their businesses,” Ajmera added.
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close