Loan on the go: SBI forays into online e-comm loans

SBI Chairman Arundhati Bhattacharya with Snapdeal CEO Kunal Bahl at the launch in Mumbai. (Express Photo by: Kevin DSouza)

Joining the e-commerce boom, India’s largest bank, State Bank of India (SBI), has come out with a working capital loan offering — e-Smart SME — for sellers on e-commerce platforms.

“The sellers can apply for loan online and get immediate sanction — thereby enabling “loans at the click of a button.

This product moves away from traditional lending based on financial statements like balance sheet and income tax returns; and instead uses proprietary platform data and surrogate information from public domain to assess the seller’s credit worthiness for loan sanctioning,” State Bank of India chairman Arundhati Bhattacharya said.

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The product is being launched in partnership with e-commerce platform Snapdeal.