Demonetization drive makes ShopClues facilitate digital transfer of loans for merchants

NEW DELHI: Enabling its merchant community to fill the void in cash flows created by the recent demonetization drive, e-commerce giant, ShopClues will facilitate low-interest working capital (short term) loans on its platform through its Capital Wings initiative.

This digitally-transferred loan offer would help ShopClues’ 5,00,000+ merchants to carry forward their business as usual without letting it be hampered by the limited circulation of paper money in the economy.

Ganesh Balakrishnan, AVP – Merchant Services, ShopClues, said, “With an aim to eliminate the menace of black money, the government has announced currency demonetization for denominations of INR 500 and INR 1,000. As ShopClues’ Capital Wings initiative comes directly under the mandated RBI guidelines, we are proud to announce that our retailers across the country can avail the benefits of the scheme without worrying about hassles of cash. They can continue increasing their business scalability as the consumer digital transaction-driven demand increases on our platform.”

The press release indicates that ShopClues’ Capital Wings facilitates flexible low-interest working capital (short-term) loans to the retailing community through its platform. With interest rates as low as 11.25% and zero processing fee, ShopClues’ loan financing partners ensure that full loan amount is disbursed to the beneficiary within 2 to 3 days of the loan application. ShopClues has tied up with multiple seller financing banks including SBI and ICICI, and leading NBFCs such as Flexiloans, Indifi, and Capital Float, which have rolled out attractive offers for merchants.