Rs 1,000 cr loan boost for Snapdeal sellers for Diwali

Snapdeal is gearing up for the festive season of Diwali by ensuring its sellers get the best boost ahead of time.

India's largest online marketplace Snapdeal announced that it has lined up collateral free loans worth Rs 1,000 crores for its sellers to enable them to stock up for the Diwali spike in sales.

The festive season loans would be disbursed through its on-going programme, Capital Assist, which is now managed by FreeCharge and is available to all sellers and merchants on Snapdeal, Shopo and FreeCharge.

"Through Capital Assist, we have made the funding process frictionless, so that our seller partners can scale up to their full potential," said Vishal Chadha, Senior Vice President, Market Development.

Snapdeal's Capital Assist Initiative, has been helping sellers raise funds without collateral or lengthy documentation. It helps providing a platform to get direct market access and tap wider financing opportunities for sellers.

Currently, the Capital Assist Initiative has partnered with 27 banks & Non-Banking Finance Companies (NBFCs) including State Bank of India, HDFC Bank and ICICI Bank.