24 February, 2016, New Delhi: After seeing a great boom in ecommerce sector, now, State Bank Of India has stepped up to support this blossoming sector. First it launched, SBI InCube which focuses on the banking needs of the startup sector and now, it has come up with SBI e-smart SME through which sellers on ecommerce platforms can apply for working capital loan.
Since SBI is equipped with this facility, now sellers can apply for the loan online on the e-commerce platform and get instant sanctioning of the loan. SBI unleashed its product in association ecommerce platform Snapdeal. The launch ceremony was jointly headed by bank’s chairman Arundhati Bhattacharya & Snapdeal CEO Kunal Bahl.
e-smart SME comes with features such as –
- Exclusive & easy finance
- Quick online sanction with KYC documents
- Lowest interest rates
- Collateral free loan upto INR 10 Lacs under MUDRA
- 399% processing fee
- Concession of 0.25% to women entrepreneurs
This new product will enable millions of small brick-and-mortar merchants, who are selling on the ecommerce platform, to overcome their liquidity crunch and expand their business exponentially and digitally.