Amazon.com Inc.'s Indian unit launched a platform that connects its marketplace sellers with local third-party lenders to obtain loans, the Press Trust of India reported June 13.
The Seller Lending Network allows Amazon vendors to apply for term, overdraft and other types of loans through an online process, with a turnaround time of two to three days.
Amazon India has partnered with Indian lenders including Aditya Birla Finance Ltd., Capital First Ltd., Capital Float, Bank of Baroda, Yes Bank Ltd. and Flexiloans Technologies Pvt. Ltd. to offer the service, according to the report. They will be able to access a lender portal related to the new service to track the sales performance, loan portfolio and application status of vendors.
Amazon India said in a statement cited by the news service that sellers can link their Amazon-generated revenues to loan accounts to facilitate repayment.
Gopal Pillai, Amazon India's general manager and director of seller services, also said in the statement that India was the first location where the global e-commerce giant had developed such a platform for vendors.