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