Snapdeal to distribute Rs.1000 cr loans
Being one of the biggest e-commerce platforms, Snapdeal has given out loans as high as Rs. 300 cr, even in the past, to attract sellers.
Right now they plan on giving out loans of nearly Rs.1000 cr. According to the company, merchants can avail loans at an interest rate, 2-3% lower than they would otherwise get from banks. For further convinience the company is coming up with its own credit rating engine like, CIBIL. They have, thus, opened a new platform for lending to small online sellers.