Prime Bank Limited and PriyoShop, have joined hands to facilitate MSME financing to e-commerce merchants without any collateral.
As per an alliance formed recently, the merchants of PriyoShop will avail easy access to MSME loan from Prime Bank.
It will be a big boost for the country's rapidly growing e-commerce sector as eligible merchants of PriyoShop will now enjoy collateral free loan up to Tk50 lakh and other tailor-made financial solutions.
The merchants will also be able to avail a wide range of deposit products and free Internet Banking – ALTITUDE - for conducting a broad range of e-transactions.
They will need two-year business experience and a recommendation letter from PriyoShop. The MSME entrepreneurs can apply for a loan from the comfort of their office or home as Prime Bank has assigned dedicated Relationship Manager for exclusive service to the valued merchants of PriyoShop.
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 etc., Bank Guarantee, Work Order etc.
The alliance between Prime Bank and PriyoShop is aimed at encouraging MSME enterprises to conduct business through a digital platform alongside the traditional method.
Prime Bank and PriyoShop will work together to cater to banking needs of MSME businesses in e-commerce and facilitate their financial upliftment.