What is Flipkart?If you have ever shopped online, there is a huge possibility that you must have come across one of the biggest online E-retail website Flipkart. It is one of the earliest and the most influential website in the online business and provides a huge range of products from all categories which has made it one of the most successful in its field. Flipkart has almost 40% market share in online commerce in the year 2017 and this fact is enough to understand its reach and its versitality.
Flipkart Seller HubFlipkart does not only take care of its customers but also has a dedicated process for sellers associated with it, and this e-commerce website goes to a great extent to help the sellers expand their business. To help there sellers financially, Flipkart came up with their own division of Flipkart seller Loans. As we know, the requirement of capital is never ending in a successful business, may it be in any field and to maintain the work flow, they need to procure enough funds even if they have to take loan. Now, the difference between general bank loans and Flipkart seller loans is huge in every sense, and the sellers gets a better service for specific online business needs at a much lesser cost through Flipkart seller business loans. Keeping this in mind, let us discuss the whole process of procuring a loan from Flipkart seller finance hub, and why is it needed.
Need for Seller Finance:Online commerce is a booming industry, and with the emergence of smart-phones, this industry has seen a great amount of traffic inflow in the last decade and to reap the benefits of this E-commerce era, a seller needs to have the right amount of funds ready with him at all times. The need for funds could be there due to multiple reasons:
- Increasing Inventory: There might be a time when the seller thinks of having a good amount of stock beforehand so that he can complete his orders on time and for that, he needs a good amount of funding.
- Expanding Business: If the seller is having trouble handling increasing customer, he might have to establish a proper team for operations, and that functioning needs big bucks.
- Funds for daily functioning: The daily operations of any firm, whether small or big, is dependent upon the amount of money being spent regularly and for the smooth functioning of an organization, we need to have a good amount of capital ready with us.
- Product Promotions: This might be the most important and urgent need of an organization, if they are willing to spend a good amount on promoting the product online. This will definitely give them an edge over their competitors.
Types of Flipkart Seller Finance
To help merchants with some of their funding needs, flipkart started their own service for lending money at a lower cost. The flipkart seller finance is categorized into three division:
In terms of Risk factor and interest rates, the loans can be divided into two categories:
- Secured Business Loans: These types of loans include a form of collateral in exchange for the money and has a lower rate of interest as the risk is much lower in this.
- Unsecured Business Loans: These loans do not include any type of collateral or security from merchant, but they levy a higher rate of interest on the amount.
Eligibility for applying for loansThe Flipkart seller business loans are subject to some of the basic criteria in which the merchant has to fall in order to be able to procure a loan form Flipkart seller hub.
- The person should be at-least 21 years of age and cannot be more than 65 years old.
- The minimum amount of loan must be 25000, and the Maximum loan amount can be up-to Rs. 2 crore for larger firms.
- The minimum annual income of the merchant must be >=1.5 lacs.
Flipkart Seller Loan FAQs:
1. Are these loans available for small companies/individual sellers too?
Yes, loans like these are available to all the interested parties, provided that they fall in the criteria of age and income and must have been associated with Flipkart.
2. What is the time range for which I can procure the funds?
The loans are basically provided in three types of time frames, short term which can be payed back within a year, intermediate term loans which can be re-payed within one to three years and the long term loans which can be re-payed within 3-5 years. (The interest rates may vary according to the Terms and conditions).
3. How fast can I get a loan online?
The loan procurement process is much faster online than te usual bank loans as we do most of the verification online and not much needs to be done from your end. You just need to provide the genuine documents as listed during the registration process within a matter of hours the loan can be provided to you after verification.
4. Are these loans available at a specific time of the year?
As we operate online, these loans are available all through the year and round the clock also a proper 24/7 customer service is provided from our end in order to let the merchant get the most out of there time and money invested in the loans.