ICICI Bank partners with Flipkart to offer instant overdraft service of up to Rs 25 lakh to Flipkart merchants
ICICI Bank’s new credit assessment method eliminates the traditional process
ICICI Bank today announced that it has partnered with e-commerce giant Flipkart to offer an instant and fully digital overdraft (OD) facility up to Rs. 25 lakh for registered individual and business sellers on the online marketplace.
Enabled by application programming interface (API) integration, this partnership will help merchants leverage OD from ICICI banks instantly in one process – from application to sanction to settlement. bank – is completely digital. Customers of any bank can avail OD from ICICI bank if they register as a merchant with Flipkart, according to a statement shared by today’s leading private lender.
ICICI Bank leveraged advanced data analytics to develop a scorecard that instantly gauges a seller’s reputation. The new credit assessment method eliminates the traditional process of examining paper-intensive bank statements and income tax returns. This step is important in the midst of the Covid-19 pandemic.
This approach helps ‘new to credit’ sellers as well as existing micro, small and medium business (MSME) borrowers to unlock the value of their digital transactions and gain access to credit. instant credit access.
Sellers with a checking account with an ICICI bank can immediately start using OD to meet their working capital requirements. Customers of other banks can avail OD by opening a checking account with digital ICICI bank, after KYC verification.
” …. we understand that timely credit and ease of doing business are important factors for the operation and growth of MSMEs. With this partnership, merchants registered with Flipkart can avail instant OD up to Rs. 25 lakh, in a completely digital way and start using it right away.
Mr. Pankaj Gadgil, Head of Proprietary Division, SME Ecosystem & Merchants, ICICI Bank, said:
On Tuesday, December 7, shares of bank ICICI rose 3.46% at Rs734.65 per unit on BSE.
