Financial services company India Infoline is now taking the e-commerce route to expend loans as it has has partnered with Snapdeal where vendors can avail working capital loan within "three minutes".
"Through the tie-up with Snapdeal we are able to offer our services to large number of sellers registered with Snapdeal," said Rajashree Nambiar, CEO, India Infoline Finance. "Going forward, we look to grow our loans through strategic tie-ups via e-commerce platforms."
The product is christened as Snapdeal Capital Assist Program. Average ticket size would be about Rs 100 crore or more.
IIFL aims to further improve the process by providing self-service portal to suppliers for managing disbursements and undertaking other transactional needs.
India Infoline Finance has a loan book size of Rs 14,679 crores as on June 30, 2015.
The integrated online approval process is likely to improve customer experience and process efficiency for loan sanction and disbursement at IIFL, the company said.
"This has been achieved through in-house developed, scalable, robust and complex decision engine, analyzing multiple data points to arrive at loan approval."
"Easy and quick assessment & disbursal process backed by robust technology has been our mantra and tie-up with Snapdeal further strengthens our belief in the same," said Nirmal Jain, Chairman and founder IIFL.