ICICI Bank as we speak introduced that it’ll provide an prompt and utterly digital overdraft (OD) facility of as much as Rs 25 lakh to the person sellers and companies registered on the e-commerce platform Flipkart. The main non-public sector lender will companion with Flipkart for the initiative – which can assist sellers to avail an OD from ICICI financial institution immediately in a course of – from software – to sanction – to disbursement, in keeping with a press release launched by ICICI Bank as we speak.
Here are the advantages of ‘InstaOD’ for Flipkart sellers:
- End to finish digital processing: Sellers registered on Flipkart can apply for the OD immediately by way of Flipkart Seller Hub, a web-based portal for Flipkart sellers, in a very digital and paperless method
- Quick analysis: ICICI Bank evaluates sellers immediately on the idea of their Credit Bureau rating and their transaction historical past on Flipkart, making the mortgage approval course of simple and fast.
- Immediate sanction and disbursal: The accredited OD quantity is immediately sanctioned and disbursed into the vendor’s present account
- Interest profit: Interest is payable solely on the quantity of OD utilised by sellers
- Auto-renewal facility: The OD is renewable on an annual foundation, relying on the compensation observe information of the vendor
Below are fast steps for the sellers to avail the ‘InstaOD’:
- View provide: Eligible sellers can discover the ICICI financial institution provide on their Flipkart Seller Hub account portal
- Click on the banner: The vendor is redirected to ICICI financial institution’s ‘InstaOD’ platform upon clicking the banner on the Flipkart Seller Hub portal
- Fill the applying kind: The vendor must log in and fill within the digital software kind. Confirm to sanction quantity: Upon affirmation of the quantity from the vendor, the OD is immediately sanctioned. If the vendor already has a present account with ICICI financial institution, then the vendor can instantly begin utilizing the OD
- Account opening for a new-to-bank vendor: Sellers new to ICICI Bank, will probably be redirected for an prompt opening of present account and KYC validation.