ICICI Bank partners with Amazon to offer Rs 25 lakh overdraft benefits to sellers

According to foreign media reports, recently, the Industrial Credit Investment Bank of India ( ICICI) issued an announcement stating that it will cooperate with Amazon India to provide overdraft benefits (OD) of up to 2.5 million rupees to users and small businesses registered as sellers on the Amazon platform.

In a press release issued on Monday, ICICI Bank said the partnership will enable Amazon sellers to avail overdraft benefits (OD) from the bank completely digitally, from application to sanction to payment. In addition to this, ICICI stressed that even customers of other banks can avail the policy to apply for overdraft benefits (OD), provided they are registered as sellers on Amazon.

Apart from this, ICICI Bank highlighted that the overdraft benefit (OD) policy facility uses an automated scorecard-based mechanism that allows sellers to get instant approval.

Pankaj Gadgil, Head, SME Self-Employed Unit , ICICI Bank, said, “ We have specially curated a new way of assessing the creditworthiness of sellers based on their credit score as well as their transaction history on amazon.in . This new and improved process will help sellers who otherwise might not have been able to get adequate credit when assessed in the traditional way using only balance sheets, bank statements and tax returns. We believe that this new proposition resonates with our efforts to develop innovations for our MSME (micro, small and medium enterprises) clients and will provide them with new avenues for business expansion. ”

Subsequently, ICICI Bank of India announced the steps to use "InstaOD":

1. Check the offer: Eligible sellers can find ICICI Bank offers in their account on Amazon Seller Central

2. Click on the banner: After clicking on the banner in the seller center, the seller will be redirected to the ICICI Bank’s “InstaOD” platform

3. Fill in the details: Sellers need to log in and fill in the digital application form

4. Confirmation of sanctioned amount: After the seller confirms the amount, OD is sanctioned immediately. If the seller already has a current account with ICICI Bank, then the seller can start OD immediately.

New Bank Seller Account Opening: New sellers of ICICI Bank, will be redirected to instant current account opening and KYC verification.

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