As per a recent study by the Union MSME ministry, just six percent of the small businesses receive finance from the organized lenders pointing out at the difficulty that the small businesses have to go through to get loans. In a new trend NBFCs and E-Commerce portals partner to grant easy loans to sellers.
In order to encourage more sellers to connect to their online channels, the e-commerce portals such as Flipkart, Amazon, Snapdeal and eBay are partnering with non-banking lenders. This is a move to extend the loans to those who are interested in selling their products via the online marketplaces.
There are several new-age non-banking finance companies (NBFCs) including Capital First, Neo-Growth and Capital Float. Also, there are online finance companies including Lendingkart and loan facilitators such as SMEcorner. These companies are partnering with the e-commerce portals to provide sellers hassle-free and quick loans.
The e-commerce portals have also teamed up with numerous leading on-banking finance companies (NBFCs). Recently, Lendingkart raised $10 million of funds from PE funding and the company also tied up with the portals including Amazon, Snapdeal and Flipkart in order to provide loans to sellers who seek funds of over Rs 1 lakh.
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