ICICI Bank stated yesterday that it has partnered with Amazon India to provide fast and digital overdraft (OD) up to Rs 25 lakh to individual merchants and small businesses registered on the e-commerce company’s online marketplace, www.amazon.in . The alliance, which is powered by API integration, allows merchants to obtain an OD from the Bank in a fully digital process i.e. from application to penalty to payout. Customers of other banks can use ICICI Bank’s OD facility if they are registered as sellers on Amazon.in.
The bank at launch said it has developed this new facility that works on the back of an industry-first scorecard to instantly evaluate merchants’ creditworthiness based on their financial profile, including ratings from the Credit Bureau. Sellers with an ICICI Bank current account can use the OD to directly meet their working capital needs. Customers of other banks can obtain the OD by opening a digital payment account with the bank.
“ICICI Bank has always believed that access to timely credit and ease of doing business are important parameters for the growth of SMEs. In line with this, we are launching the OD facility for sellers registered on amazon.in directly and digital The partnership will enable merchants to instantly utilize overdrafts up to Rs 25 lakh in a fully digital way.They can start using the OD amount immediately to meet their working capital requirements.We have a special new way compiled to assess merchants’ creditworthiness based on their Credit Bureau score and their transaction history on amazon.in. This new and improved process will help merchants who may otherwise not be able to access adequate credit when assessed in the traditional way. to use only balance sheets, bank statements and tax returns.We believe this new proposition resonates with our in Tensions to develop breakthrough innovations for MSME customers and empower them with new avenues for business expansion, Pankaj Gadgil, Head-Self Employed Segment, SME & Merchant Ecosystem, recognized ICICI Bank.
Vikas Bansal, director of Amazon Pay India, said: “We are prioritizing our efforts to help merchants on amazon.in recover from the disruption caused by COVID-19. Our mission is to provide merchants with transparent policies easy and trusted access. to credit and at low cost. Our partnership with ICICI Bank provides merchants across India instant and digital OD facility at affordable rates to meet all their current and future requirements.”
Below are the benefits of ‘InstaOD’ for merchants from amazon.in:
According to the bank’s official release, here are some of the benefits merchants can experience by opting for the bank’s “InstaOD” facility:
Applying for an online loan: Sellers registered on amazon.in can apply for the OD directly online through amazon.in in a fully digital and paperless way.
Simple process: The bank instantly evaluates merchants based on their Credit Bureau score and their transaction history on amazon.in, making the loan approval process simple and fast. This is a marked improvement over the typical process where sellers have to go through the tedious, paper-intensive process of filing income tax returns, bank statements and GST returns.
Immediate sanction and payout: The approved OD amount is immediately sanctioned and paid into the seller’s current account.
Pay for what you use: Sellers only have to pay interest on the amount of OD used by them.
Automatic renewal: The OD is renewable annually, depending on the seller’s refund process.
#JustIn: ICICI Bank partners with Amazon India to offer instant overdraft (OD) – up to ₹25 lakh – to sellers registered on https://t.co/3UNmtB7Nmd, instant & digital. Read more: https://t.co/LaP95md98G pic.twitter.com/AUhKSXXfBr
— ICICI Bank (@ICICIBank) September 27, 2021
Steps for the sellers to use the ‘InstaOD’
View offer: Eligible sellers can find the ICICI Bank offer on their account of Amazon Seller Central, online portal for sellers registered on amazon.in.
Click on the banner: The seller will be redirected to ICICI Bank’s ‘InstaOD’ platform by clicking the banner on Seller Central.
Fill in details: The seller must log in and fill in the digital application form.
Confirm to sanction the amount: After confirmation of the amount by the seller, the OD is immediately sanctioned. If the seller already has a current account with ICICI Bank, the seller can use the OD directly.
Open account for new-to-bank seller: Merchants new to ICICI Bank will be redirected for immediate checking account opening and KYC validation.
Sellers registered on amazon.in can use the ‘InstaOD’ facility through Amazon Seller Central or by clicking the following link: https://sellercentral.amazon.in/lending/ph/offers.
Organizations and Partners can contact the Bank for API integrations at: https://www.icicibank.com/business-banking/finance/insta-overdraft.page.
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Story first published: Tuesday, September 28, 2021, 11:26 [IST]