Business

How to use InstOD, What are the benefits

How Flipkart Merchants Can Use Instant Overdraft Facility: Step by Step Guide

Eligible merchants can find ICICI bank offers on their Flipkart Seller Hub account portal

ICICI Bank today announced that it will offer instant and fully digital overdraft (OD) facility up to Rs 25 lakh for individual and corporate merchants registered on e-commerce platform Flipkart . A leading private sector lender will partner with Flipkart for this initiative – which will help merchants leverage OD from ICICI banks instantly in one process – from application – to sanction – to settlement. banks, according to a statement from ICICI Bank today.

Here are the benefits of ‘InstaOD’ for Flipkart merchants:

  • End-to-End Digital Processing: Flipkart registered merchants can apply for ODs instantly through Flipkart Seller Hub, an online portal for Flipkart sellers, in a completely digital and zero way need documents
  • Quick Review: ICICI Bank instantly reviews sellers based on their Credit Department score and transaction history on Flipkart, making the loan approval process easy and fast.
  • Instant Sanctions and Disbursement: Approved OD amount will be sanctioned immediately and disbursed to merchant’s current account
  • Interest benefit: Interest is paid only on the amount of OD used by the seller
  • Auto-renew facility: OD is renewed annually, subject to merchant’s return track record

Here are quick steps for merchants to take advantage of ‘InstaOD’:

  • View offers: Eligible merchants can find ICICI bank offers on their Flipkart Seller Hub account portal
  • Banner Click: Merchant is redirected to ICICI bank ‘InstaOD’ platform when clicking banner on Flipkart Seller Hub portal
  • Fill out the form: Sellers need to log in and fill out a digital form. Confirm the amount of the penalty: After confirming the amount from the seller, the OD will be sanctioned immediately. If the seller already has a checking account with an ICICI bank, the seller can start using OD immediately
  • New Merchant Account Opening to Bank: New Merchants to ICICI Bank, will be redirected for instant opening of a checking account and KYC verification.

https://www.ndtv.com/business/icici-bank-partners-with-flipkart-to-offer-instant-overdraft-facility-how-to-avail-instod-what-are-benefits-2641574 How to use InstOD, What are the benefits

Emma James

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