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Amazon ties up with Bank of Baroda To Offer Micro Loans

Published on September 18, 2017
Amazon India, in order to attract more sellers during the festive season, has tied up with the Bank of Baroda to offer micro loans to its sellers.

Amazon ties up with Bank of Baroda To Offer Micro Loans

  • Bank of Baroda loans would be offered on invite-only basis to sellers, based on their performance. 
  • The loans would be extended in the range of Rs 1-25 lakh at annual interest rates between 10.45% and 11.5%
  • The loans will be offered on invite-only basis to the marketplace sellers.
  • Amazon India had partnered with Capital First Limited for the programme. 
  • Capital First provides secured and unsecured loans to sellers from Rs 5 lakh to Rs 2 crore at competitive interest rates.
  • In India, unsecured loans of Rs 1-25 lakh have very low approval rates. Small-scale businesses get loans at high annual interest rates of 18-30 per cent, with a processing time of up to 30 days.
  • The sellers on Amazon will receive pre-approved indicative offers from the bank for the loan amount they are eligible. 
  • They will be able to use their sale disbursements on the Amazon marketplace to directly repay the loan.

About Bank of Baroda

  • The bank was founded by the Maharaja of Baroda, Maharaja Sayajirao Gaekwad III on 20 July 1908 in the Princely State of Baroda, in Gujarat.
  • It was nationalised on 19 July 1969 and has been designated as a profit-making public sector undertaking (PSU).
  • It is headquartered in Vadodara in Gujarat, India. 
  • It has a corporate office in Mumbai.
  • It became the first National Supporter (Indian sponsor) of the FIFA U-17 World Cup India 2017, the first football World Cup to be hosted in India
  • Ravi Venkatesan is the current Chairman
  • P. S. Jayakumar is the Managing Director & CEO
  • Bharat Dangar  is the Director of the bank

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