Prime Bank Limited and online shopping marketplace, Daraz Bangladesh, have joined hands to facilitate MSME financing for e-commerce merchants without any collateral.
As per an alliance formed recently, the merchants of Daraz Bangladesh, a subsidiary of Alibaba Group, will avail easy access to MSME loan from Prime Bank, said a media statement on Thursday.
It will be a big boost for the country's promising e-commerce sector as eligible merchants of Daraz can now enjoy collateral free loan up to Tk50 lakh and other tailor-made financial solutions.
The merchants can also avail a wide range of deposit products and free Internet Banking – Altitude - for conducting broad range of e-transactions.
In this regard, they will need a two-year business experience and recommendation letter from Daraz Bangladesh. The MSME entrepreneurs can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated relationship manager for exclusive service for the valued marchants of Daraz.
Under the arrangement, the merchants will also get working capital (CC, OD and Demand Loan), term loans for fixed asset purchase and capital expenditures, international trade solution- LC, LATR, IDBP, bank guarantee, and work order.
The alliance between Prime Bank and Daraz Bangladesh aims at encouraging MSME businesses to conduct business through digital platform alongside traditional method.