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Amazon India launches seller lending network

Press Trust of India  |  New Delhi 

India today launched its Seller Lending Network (SLN), which will allow sellers on the major's platform to seek from multiple third

India has partnered organisations like Aditya Birla Finance, Bank of Baroda, Capital First, Capital Float, Flexiloans, and for the lending programme.

"With this launch, a seller can perform all loan-related activities including viewing multiple loan offers, applying for and easy/automatic loan repayments by linking their sale proceeds to their loan account, all on Amazon's Seller Central portal," said in a statement.

Amazon India, which is locked in an intense battle for market leadership with Flipkart, has about 3.4 lakh sellers on its platform.

Under SLN, sellers will get access to a wider selection of loan options from multiple lenders and loan types (term or overdraft loans) as well as competitive interest rates.

They can avail loans via an with minimal documentation and a very quick loan approval process of 2-3 days for new loans, and intra-day approval for existing loan renewals through SLN, the statement said.

"This is, in-fact, the first geography where Amazon has built a lending programme like this for sellers. Our endeavour is to make the end-to-end process quicker and convenient, allowing sellers to focus on their core business and grow," GM and said.

He added that at the same time, the company is also focussing on giving an enhanced experience to the lending partners -- banks and NBFCs -- through seamless information sharing on seller performance and

SLN also has Lender Central -- a portal for lenders -- to facilitate exchange of information between lenders and Amazon. Lender Central will facilitate information about seller performance data, loan application status and loan portfolio details.

Using Lender Central, lenders can track performance of a seller on real-time, thereby allowing them to better assess the sellers and make loan-decisioning models more comprehensive.

The Indian unit of the US-based previously had a Seller Lending programme that had been launched in 2016.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 13 2018. 19:00 IST