It revamped its vendor finance program called “Growth Capital”, which allows more than a lakh of vendors to access credit from 10 banks and NBFCs with one day approval and disbursement over the next two. days, the company said in a statement Thursday.
The company has partnered with financial partners namely State Bank of India, Bank of Baroda, Axis Bank, Aditya Birla Finance, Tata Capital, Flexiloans, Small Industries Development Bank of India, LendingKart, Indifi and Happy Loans.
The company noted that the vendors most benefitting from the program are small-scale, and the majority of loans are used to meet working capital needs and peak demand.
The average loan size will be Rs 7 lakh, but sellers can avail loans of up to Rs 3 crore at an interest rate of 9.5%. Term loan and line of credit options can last for up to 12 months, he said.
“It is part of Flipkart’s core mission to develop shared value in the ecosystem and help digitize India through the latest technologies and innovations,” said Kalyan Krishnamurthy, CEO of Flipkart.