Last week, we heard about Flipkart offering lending services to assist sellers with working capital. Snapdeal initiated its Capital Assist service last year to help sellers with working capital. Last heard, more than 150 sellers had benefitted with around Rs 50 crore funds through the initiative.
Everyone knows the significance of working capital to keep business going. After Flipkart and Snapdeal, now it’s Shopclues offering working capital assistance, Capital Wings, to sellers in partnership with various NBFCs and Nationalised banks. The online marketplace intends it to be a hassle-free solution to ease working capital problems sellers may face.
Features of the Capital Wings program
Informing sellers about Capital Wings through an email, Shopclues has pointed out the following features:
- Loans upto Rs 1 crore (Loan eligibility will be declared after online form submission)
- No collateral required
- 90-day credit period – Can be rolled up to four times a year
- Competitive Interest Rates
- Online application with minimal documentation
- Approval within a week
- Next credit issued in 24 hrs
- Repayment through Escrow account
Are you eligible?
If you are selling on Shopclues and the following apply to you, then you may be eligible:
- Minimum 1 year in business
- 4 months of track record on Shopclues
- Loan amount based on sales on Shopclues
So if you have been facing gaps in your cashflow, Capital Wings working capital assistance program may be your chance to accelerate and grow your business further on Shopclues. If you do try it, don’t forget to share your experience with us.