Amazon India has announced a strategic partnership with InCred to offer collateral-free, working capital loans of up to Rs 50 lakh to Amazon merchants via its seller portal.
Both companies will address the financial constraints of the Indian e-tailers. They intend to empower them by extending quick, easy, and low-interest working capital loans based on their revenues, with minimal documentation and flexible repayment options. This capital loan can be used by Amazon merchants for capacity expansion or immediate business liabilities, thereby adding to the operational flexibility of their business.
Vikas Bansal, Director, Amazon Pay India, said, “This program enables sellers on the marketplace to avail affordable credit to meet their growth and working capital requirements. Our partnership with InCred aims is to provide faster capital needs at affordable rates to our sellers across India.”
Saurabh Jhalaria, CEO (SME Business), InCred, added, “Today, India is passing through an unprecedented period. During such testing times, we feel that it is our responsibility to ensure that the economic engine of our nation stays revving while people can also avail themselves of their basic necessities at their doorsteps. Our partnership with Amazon is in line with this vision.”
Currently, merchant loans are available across 10 states including Maharashtra, New Delhi, Telangana, Rajasthan, Tamil Nadu, Gujarat, Punjab, Andhra Pradesh, Karnataka, and Haryana. Amazon India and InCred target to take the partnership to the pan-India level by adding more states to the list.