ICICI Bank has partnered with Amazon India to offer overdraft (OD) facility of up to Rs 25 lakh to individual sellers and small businesses registered on the e-commerce player's online marketplace, the private lender said on September 27.
"Driven by API integration, the partnership enables sellers to avail an OD from the bank in a process—from application to sanction to disbursement—that is entirely digital. Even customers of other banks can avail the OD facility from ICICI Bank if they are registered as sellers with Amazon.in," the bank said in a release.
ICICI Bank has developed the facility that functions on the back of an industry-first scorecard to instantly evaluate credit worthiness of sellers based on their financial profile, including Credit Bureau scores, the bank said.
The new credit assessment method offers convenience to the sellers as it does away with the paper-intensive bank statements or income tax returns for assessing credit worthiness, the bank said.
"Further, it empowers small businesses and individual sellers who are ‘new-to-credit’ and ‘existing MSME borrowers’ to unlock the value of their digital transactions and get access to instant credit," the bank said.
Sellers having a current account with ICICI Bank can immediately start using the OD. Customers of other banks can avail the facility by opening a current account with the bank digitally, it said.Also read: RSS-linked weekly terms Amazon as 'East India Company 2.0'