ICICI Bank today announced that it will offer an instant and completely digital overdraft (OD) facility of up to Rs 25 lakh to the individual sellers and businesses registered on the e-commerce platform Flipkart. The leading private sector lender will partner with Flipkart for the initiative - which will help sellers to avail an OD from ICICI bank instantly in a process - from application - to sanction - to disbursement, according to a statement released by ICICI Bank today.
Here are the benefits of ‘InstaOD' for Flipkart sellers:
- End to end digital processing: Sellers registered on Flipkart can apply for the OD instantly through Flipkart Seller Hub, an online portal for Flipkart sellers, in a completely digital and paperless manner
- Quick evaluation: ICICI Bank evaluates sellers instantly on the basis of their Credit Bureau score and their transaction history on Flipkart, making the loan approval process easy and quick.
- Immediate sanction and disbursal: The approved OD amount is instantly sanctioned and disbursed into the seller's current account
- Interest benefit: Interest is payable only on the amount of OD utilised by sellers
- Auto-renewal facility: The OD is renewable on an annual basis, depending on the repayment track records of the seller
Below are quick steps for the sellers to avail the ‘InstaOD':
- View offer: Eligible sellers can find the ICICI bank offer on their Flipkart Seller Hub account portal
- Click on the banner: The seller is redirected to ICICI bank's ‘InstaOD' platform upon clicking the banner on the Flipkart Seller Hub portal
- Fill the application form: The seller needs to log in and fill in the digital application form. Confirm to sanction amount: Upon confirmation of the amount from the seller, the OD is instantly sanctioned. If the seller already has a current account with ICICI bank, then the seller can immediately start using the OD
- Account opening for a new-to-bank seller: Sellers new to ICICI Bank, will be redirected for an instant opening of current account and KYC validation.