ALSO READShopClues launches 10-day 'ShopClues Diwali Sale' with Zero Cost EMI scheme Labour Ministry facilitates employment opportunities DigiLocker to digitally store vehicle documents launched Key challenge is digitally connecting separate systems: Hitachi 'mjunction' conducts spectrum auctions; facilitates sale of 964.80MHz telecom spectrum
Enabling its merchant community to fill the void in cash flows created by the recent demonetization drive, ShopClues has announced facilitation of low-interest working capital (short term) loans on its platform through its Capital Wings initiative.
Digitally-transferred loans can help ShopClues' 5,00,000+ merchants to carry forward their business as usual without letting it be hampered by the limited circulation of paper money in the economy.
The initiative is a part of many such endeavors by ShopClues to assist and support its large and growing merchant community in every way possible.
"With an aim to eliminate the menace of black money, the government has announced currency demonetization for denominations of Rs. 500 and Rs. 1,000. As ShopClues' Capital Wings initiative comes directly under the mandated RBI guidelines, we are proud to announce that our retailers across the country can avail the benefits of the scheme without worrying about hassles of cash," said AVP - Merchant Services ShopClues, Ganesh Balakrishnan.
ShopClues' Capital Wings facilitates flexible low-interest working capital (short-term) loans to the retailing community through its platform. With interest rates as low as 11.25 percent and zero processing fee, ShopClues' loan financing partners ensure that full loan amount is disbursed to the beneficiary within two to three days of the loan application.
ShopClues has tied up with multiple seller financing banks including SBI and ICICI, and leading NBFCs such as Flexiloans, Indifi, and Capital Float, which have rolled out attractive offers for merchants.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)