ICICI Bank to Offer Instant Overdraft Facility for Amazon Registered Sellers

ICICI bank offers instant overdraft to the sellers and small businesses registered on Amazon.in. The overdraft facility is given upto 25 lakhs from the bank, instantly and digitally. OD plan is activated by API integration that will be entirely carried out digitally from application to disbursement.

ICICI Bank decides to provide an overdraft facility depending on the industry first scorecard to detect the credit worthiness of applicants and consider the financial profile along with Credit Bureau score history.

The credit offer is an easy method for Amazon.in sellers and small businesses as it eliminates paperwork or submitting income tax returns to check the eligibility. Pankaj Gadgil, Head Self Employed Segment of ICICI bank says, the new OD facility will be a help for sellers who may generally not get adequate credit through traditional bank process. Many other Indian companies also took initiatives to assist MSMEs.The exclusive offer for Amazon sellers is to empower the MSME customers, develop innovations and give a path for business expansions.

How To Apply for ICICI Bank New Overdraft Facility?

• You can view the credit eligibility on your account of Amazon Seller Central or check it on the online portal of Amazon.in. 

• If you are eligible for the offer, click on the banner redirects you to the ICICI bank instant OD application.

• Login to your account and fill in the requested details, which is an online credit application form.

• After forwarding the application form, the seller's OD will be sanctioned and if the seller already has an existing ICICI bank current account then they can start using it immediately.

• If you don't have any ICICI current account, you will be redirected to instantly open an account and process the online KYC validation.
  

Benefits of Instant Overdraft

• Digital credit request

The Amazon sellers can process their credit applications digitally and faster as there is no long or delayed bank process.

• Payment only for used credit

Under the new OD facility from ICICI bank, sellers only have to pay the used credit amount interest.

• Instant sanction and disbursement

Generally, sellers and businesses wait for credit disbursement even after the bank approval. Now with ICICI bank, Amazon.in sellers get the application status faster and instantly follows with disbursement.

• Auto-renewal feature

The OD facility has an auto-renewal feature on an annual basis, and it considers the payment history to process the renewal.

Vikas Bansal, Director of Amazon Pay India, says that they prioritise to aid the sellers from disrupted business due to the COVID-19 pandemic effect. It is decided to give access for instant credit to the sellers with transparent policies and that too at low cost.