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ICICI Bank to offer Instant Overdraft facility to sellers on Flipkart
December 08, 2021
ICICI Bank today announced that it has collaborated with e-commerce giant Flipkart to offer a moment and completely digital overdraft (OD) office of up to ₹ 25 lakh to the individual sellers and organizations registered on the online marketplace.
Enabled by application programming interface (API) integration, the organization will help sellers with benefiting an OD from ICICI bank instantly in a process from application to authorize to disbursement that is entirely digital.
Clients of any bank can avail ODs from ICICI bank in case they are registered as sellers with Flipkart, according to a statement shared by the leading private lender today.
ICICI Bank leverages advanced data analytics to develop a scorecard that helps in evaluating the credibility of the sellers instantly. The new credit assessment method does away with the traditional process that includes examining paper-intensive bank statements and income tax returns. This step assumes significance amid the Covid-19 pandemic.
The method helps the merchants who are ‘new-to-credit’ as well as existing micro, small, and medium enterprises (MSME) borrowers to unlock the value of their digital transactions and get access to instant credit.
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