Snapdeal launches Captial Assist
E-commerce giant, Snapdeal, today announced the launch of loan approval facility on
Capital Assist, the company’s flagship seller financing platform. Snapdeal says its sellers will now be able to get approved online for unsecured loans from financers. Snapdeal says the development is in line with its goal to create one million successful online entrepreneurs, and that it provides Snapdeal sellers easy access to working capital, helping them to scale and grow their businesses. Snapdeal says that Capital Assist is the first platform in India which enables SMEs to get instant loan approval from financers.
·Step 1: Seller applies for a loan on Snapdeal’s seller panel
·Step 2: Loan from financers is approved online within a few minutes
·Step 3: Seller submits the required documents, which can be uploaded
·Step 4: Loan amount is disbursed on the same day
Snapdeal says that over 300 of their sellers have taken loans via Capital Assist and that loans totalling over Rs 100 crores have been sanctioned. Snapdeal says it has partnered with leading NBFCs and banks that include SBI, Tata Capital, IIFL, ICICI Bank, HDFC Bank, RBL Bank, L&T Finance, SBI, Reliance Capital, Neo Growth, Lending Kart and Capital Float among others and the network is growing consistently. These financial institutions provide low interest loans to sellers depending on their current and future business requirements.
Vijay Ajmera, Senior Vice President of Snapdeal commented on the launch, “We are very happy to launch this new facility. It will further increase the ease of doing business for SMBs by providing them access to capital at the click of a button and help them grow their business. Conventional lending process takes few weeks for loan approval, multitude of documents to be submitted by the business and multiple visits and iterations. Our aim is to bring significant efficiencies in this process by making this completely digital. Under Capital Assist programme, so far 300 SMBs have availed loans amounting to more than INR 100 crores. This programme has particularly benefitted first generation entrepreneurs. We will continue to work towards empowering the SMEs to help them expand their businesses, tap wider opportunities and encourage the spirit of entrepreneurship among them.”
Snapdeal says that on an average, the sellers who have availed financial assistance through the Capital Assist platform have observed 100% of growth within a quarter.