India’s largest lender and a pioneer in SME lending, State Bank of India (SBI) has taken yet another trendsetting step in this space by entering into a partnership with realme to cater to the inventory finance needs of the distributors and dealers of its brand realme – through SBI’s electronic lending product (e-DFS). With this MoU the dealers and distributors would be provided ease of availing credit facilities at low-interest rates, nil margin and minimum collateral requirements.
SBI and realme will also have the comfort of the ensured end-use of funds and real-time MIS reporting of transactions pertaining to purchase and sale of inventory.
P.K. Gupta, MD (Retail & Digital Banking), SBI said, “We are glad to announce our association with realme. We believe bank’s trendsetting product, e-DFS would add the extra edge to the dealer/distributor network of realme in timely inventory funding through the paperless flow of credit facility making use of SBI’s trusted Internet Banking platform. It is State Bank of India’s continuous endeavour to fuel the growth of the SME entrepreneurs by providing access to quick and low-cost finance.”
Commenting on the partnership, Madhav Sheth, Vice President, realme and Chief Executive Officer, Realme India, said, “Our association with SBI will provide seamless access to credit to our network of distributors and dealers who can help us meet the increasing demand of realme users. We are committed to ensuring that our entire supply chain becomes more efficient from start to finish so that our users continue to benefit. realme has grown massively in a short span of time and we have had immense support from our dealers and partners to enable our growth. We will continue to build on our alliances to facilitate robust financial solutions to our dealers and partners across all cities.”
SBI is the market leader in inventory finance. The bank’s Electronic Dealer Finance Scheme (eDFS) is a proven and tested product which has already enabled thousands of dealers across the country to overcome liquidity crunch while availing a hassle-free and digitally driven platform for inventory finance.
realme is a technology brand that specializes in providing smartphones with leap-forwarding performance, design and quality. As a young brand propelled by a “Dare to Leap” attitude, realme strives to provide a leap forward experience with its product and service which goes above its price segment. With only 20 months into operations, realme has successfully established itself as a smartphone brand offering devices that effortlessly amalgamates outstanding designs with advanced technologies and industry-leading qualities. While driving most of its earlier sales through online commerce, the brand is adhering to the growing demands of the customers by expanding its footprint in the offline market.
[“source=businessworld”]