Lendingkart Technologies Private Limited (“Lendingkart”), India’s leading fintech company, and Amazon India announced their strategic partnership.
Under this partnership, Lendingkart will provide fast, collateral-free loans to eligible sellers registered on Amazon.in based on the lenders’ qualifications.
This partnership extends the benefit of accessing fast, easy, low interest loans for sellers based on their performance. Lendingkart will allow this with minimal documentation and flexible refund options.
In a report, Manish Bhatia, President of Lendingkart, said, “We are delighted to partner with Amazon to provide sellers in their Indian marketplace with fast and seamless access to working capital loans. Lendingkart has reached and extended credit to over 11,000 PINs in over 4,000 cities and towns which is the highest in India. Our success with MSME lending in India aligns well with Amazon’s efforts to enable small and medium businesses to go digital. We are confident that this partnership will benefit thousands of Amazon sellers across India on their journey as digital entrepreneurs.
Commenting on the association, Vikas Bansal – Director, Amazon Pay India, said, “The mission of the Amazon.in Seller Loan Program is to enable seamless access to credit for our sellers with transparent policies and reduced costs. This program enables market vendors across India to avail affordable credit (term loans, working capital loans) seamlessly to meet their working capital needs. Our partnership with Lendingkart aims to meet capital needs with digital travel and at affordable rates for our sellers across India.”
Lendingkart was able to collaborate with Amazon.in on the back of one of the largest MSME databases in the country with 3.5 billion data points for 500,000 MSMEs.
Lendingkart built this database by evaluating over a million MSME applications. Over 1.5 lakh MSMEs have been granted credit across the country. Experience with MSME lending over the past seven years has enabled the fintech company to expand fast processing of loan applications to Amazon.in sellers. Lendingkart’s ability to serve nationwide will expand loan access to Amazon.in sellers across India.
Lendingkart has built a proprietary subscription model designed to make the customer experience completely hassle-free with minimal documentation for sellers on Amazon.in, sellers will only need to fill in minimal details including their contact details to complete loan application and sanction completed. in a few minutes.
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Posted: Tuesday February 8th 2022, 5:54 PM IST
