Flipkart Marketplace, which was launched a year back, will now offer sellers on its platform access to easy loans through lending partners Capital Float and Lendingkart. The mailer sent out by Flipkart Marketplace directs sellers to fill out a simple ‘expression of interest’ form, which requires sellers to indicate the expected loan amount (Rs 5 lakh to over Rs 50 lakh), select the preferred loan partner, and provide details about how they would be using the loan – to buy inventory, to improve infrastructure, to add new brands or any other reason. Sellers also need to sign a formal agreement. Following this either Capital Float or Lendingkart will get in touch with the seller to process the loan and provide them further details like interest rates, says the mailer. According to a presentation linked to the mailer, Capital Float will offer working capital loans of up to Rs 1 crore, with flexible tenures of 30-180 days. It also claims that once the loan is approved the funds will be released within 24 hours. However, no details regarding Lendingkart’s offer have been furnished. It’s worth noting that last month Snapdeal had tied-up with Capital Float to launch Capital Assist, which essentially serves the same purpose of providing sellers with easy access to working capital loans, as indicated by this The Economic Times report. Amazon had also started a similar program called Amazon Lending back in 2012. However, it isn't clear if this service is available to sellers in India or not.…
