ICICI Bank's new credit evaluation method gets rid of the traditional processICICI Bank today revealed that it has partnered with e-commerce giant Flipkart to offer an immediate and entirely digital overdraft (OD) facility of approximately Rs.
25 lakh to the private sellers and services registered on the online marketplace.Enabled by application shows interface (API) combination, the collaboration will help sellers to avail an OD from ICICI bank quickly in a procedure - from application to sanction to disbursement - that is totally digital.
Customers of any bank can obtain ODs from ICICI bank if they are signed up as sellers with Flipkart, according to a statement shared by the leading private loan provider today.ICICI Bank leverages sophisticated information analytics to develop a scorecard that helps in examining the credibility of the sellers quickly.
The new credit assessment technique eliminates the conventional process that includes analyzing paper-intensive bank declarations and income tax returns.
This step presumes significance amid the Covid-19 pandemic.The technique helps the sellers who are 'new-to-credit' along with existing micro, little, and medium business (MSME) debtors to open the value of their digital transactions and get access to instantaneous credit.Sellers having a bank account with ICICI bank can immediately begin utilizing the OD to fulfill their operating capital requirements.
Customers of other banks can get the OD by opening a bank account with ICICI bank digitally, after the KYC verification.
...
we comprehend that timely credit and ease of working are essential factors for operating and growth of MSME services.
With this partnership, sellers signed up with Flipkart can obtain instant OD of approximately Rs.
25 lakh, in an entirely digital way and begin utilizing it immediately.The fast processing of the OD facility has actually been made possible by a specially developed scorecard for credit evaluation of the sellers, said Mr.
Pankaj Gadgil, Head - Self Used Segment, SME - & Merchant Community, ICICI Bank.On Tuesday, December 7, shares of ICICI bank settled 3.46 per cent greater at Rs 734.65 apiece on the BSE.