ICICI Bank today announced that it will offer an instant and all-digital overdraft (OD) of up to Rs 25 lakh to the individual merchants and businesses registered on the Flipkart e-commerce platform. The leading private sector lender will partner with Flipkart on the initiative – which will help merchants immediately use an ICICI bank’s OD in a process – from application – to sanction – to payout, according to a statement released today by ICICI Bank. released.
Here are the benefits of ‘InstaOD’ for Flipkart merchants:
- End-to-end digital processing: Sellers registered on Flipkart can request the OD directly through Flipkart Seller Hub, an online portal for Flipkart sellers, in a completely digital and paperless way
- Rapid Evaluation: ICICI Bank instantly evaluates merchants based on their Credit Bureau score and their transaction history on Flipkart, making the loan approval process easy and fast.
- Immediate sanction and payout: The approved OD amount is immediately sanctioned and paid out to the seller’s checking account
- Interest Benefit: Interest is only due on the amount of OD used by sellers
- Automatic Renewal Facility: The OD is renewable annually depending on the seller’s refund track records
Below are quick steps for the merchants to make use of the ‘InstaOD’:
- View Offer: Eligible Sellers can find the ICICI Bank Offer on their Flipkart Seller Hub account portal
- Click on the banner: Seller will be redirected to ICICI bank’s ‘InstaOD’ platform by clicking on the banner on the Flipkart Seller Hub portal
- Fill in the application form: The seller must log in and fill in the digital application form. Confirm to sanction the amount: After confirmation of the amount by the seller, the OD is immediately sanctioned. If the seller already has a current account with ICICI bank, the seller can start using the OD immediately
- Account Opening for a New-to-Bank Merchant: Merchants new to ICICI Bank will be redirected for immediate checking account opening and KYC validation.