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Amazon, E-commerce player and Bank of Baroda joins hand to offer micro loans to its sellers. Loans will be given to marketplace seller on invite -only basis.
Loans will be given between Rs. 1 lac to Rs.25 lac at annual interest rates between 10.45 and 11.15%.
According to a bank official 15-20% of Amazon sellers will be getting on board on this programme in the next one year. Sellers on Amazon will get pre-approved indicative offers from the bank for the loan amount they are eligible. They can use the sale disbursements on Amazon to directly repay the loan.
