Bank of Baroda to offer small business loans to Amazon sellers at 10.45-11.5% rates

Bank of Baroda will offer loans starting from Rs 1 lakh to 25 lakh to micro, small and medium enterprises (MSMEs) of e-commerce giant Amazon.

The loans will be accessed by 2.25 lakh sellers of Amazon on an interest rate of 10.45 - 11.5 percent annually and will be sanctioned in 3-5 days.

"We aim to get 15-20 percent of these customers on board...We already have 100 customers on board under this programme," said PS Jayakumar, MD and CEO of Bank of Baroda.

Offered on an by-invite basis for the marketplace sellers, these loans will largely be offered under the Mudra loans for SMEs initiated by the Government.