Bank of Baroda will offer loans starting from Rs 1 lakh to 25 lakh to micro, small and medium enterprises (MSMEs) of e-commerce giant Amazon.
The loans will be accessed by 2.25 lakh sellers of Amazon on an interest rate of 10.45 – 11.5 percent annually and will be sanctioned in 3-5 days.
“We aim to get 15-20 percent of these customers on board…We already have 100 customers on board under this programme,” said PS Jayakumar, MD and CEO of Bank of Baroda.
Offered on an by-invite basis for the marketplace sellers, these loans will largely be offered under the Mudra loans for SMEs initiated by the Government.
Jayakumar said the sellers already come with an Amazon name and will be approved depending on the time they have spent with Amazon, seller’s selling history, customer feedback and compliance with Amazon and BoB’s policies and guidelines.