Good news for all Snapdeal sellers! The ecommerce marketplace, Snapdeal will now provide instant loan approvals to its sellers.
The parent company of Snapdeal, Jasper Infotech is making this happen. The company already runs a seller initiative ‘Capital Assist’ that work towards providing financial assistance to the sellers on Snapdeal’s platform. Taking it a step further, it will now offer instant loan approval service to its vendors.
Speaking about this new development, Vijay Ajmera, Senior Vice President of Snapdeal said, “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.”
Aimed at sellers’ benefit, this service will be a four step process as per the company’s press statement. Once a vendor applies for loan, his/her application is reviewed by investors followed by a quick online approval within few minutes. Post that the seller has to submit essential documents via online or offline medium and after verification the loan amount is given out.
Ajmera added, “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.”
This instant loan facility will lend a helping hand to sellers who are in dire need of capital but don’t have the luxury of time. It’s favourable for those too who have great ideas but are short of money.
Snapdeal has undertaken several seller initiatives this year, which were all directed at empowering small & medium sellers and entrepreneurs. The company’s Capital Assist project has managed to raise Rs 100 crore and helped nearly 300 sellers.
With this new addition of instant loan approvals without much documentation hassle, it looks like more sellers are in line to get benefitted from the Capital Assist initiative.
Looking at Snapdeal’s seller empowering projects, it seems they are doing their best to keep sellers happy and thriving. But are these steps being implemented or it’s just on paper?
Leave us a comment if you sell on Snapdeal and have any first-hand experience to share.
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