E-commerce giant Amazon India has tied up with Bank of Baroda to offer unsecured micro loans as small as ₹1 lakh up to ₹25 lakh in a short span of three-five days.
The interest rates would be competitive and would help small and medium businesses or sellers on the Amazon platform get access to easy loans, which will help boost their working capital and also help in the growth of their business.
Gopal Pillai, Director, Seller Services, Amazon India, said in a statement the association, just before the festive season, would help sellers remove the barriers related to working capital and enable them to grow their business. It will help over 25 lakh sellers on the platform.
While Amazon piloted its micro lending programme recently, several other e-commerce platforms such as Flipkart, ShopClues and Snapdeal already have similar programmes to help their sellers get access to easy credits.