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SBI signs MoU with realme for electronic dealer finance scheme product

SBIState Bank of India (SBI) has entered into a partnership with realme through the bank’s Electronic Dealer Finance Scheme (e-DFS), an electronic lending product. An MoU (Memorandum of Understanding) has been signed between the two parties for the inventory finance needs of realme’s distributors and dealers.

P.K. Gupta, MD (Retail & Digital Banking), SBI elucidated, “We are glad to announce our association with realme. We believe bank’s trend setting product, e-DFS would add the extra edge to the dealer/distributor network of realme in timely inventory funding through paperless flow of credit facility making use of SBI’s trusted Internet Banking platform. It is State Bank of India’s continuous endeavor to fuel the growth of the SME entrepreneurs by providing access to quick and low-cost finance.”

Dealers and distributors will avail credit facilities at low-interest rates, nil margins and minimum collateral requirements. SBI and realme are expected to have ensured end-use of funds and real-time MIS reporting of the transactions pertaining to the purchase and sale of inventory.

Madhav Sheth, Vice President, realme and Chief Executive Officer, realme India expounded, “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 ensure that our entire supply chain become 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.”

The bank’s e-DFS has enabled thousands of dealers across the country to overcome liquidity crunches while availing a hassle-free and digitally driven platform for inventory finance. Smartphone brand realme announced the launch of its Realme PaySa platform in December 2019, with the aim to cater to credit needs of individuals as well as SME customers in metro, tier 2 and tier 3 cities of India.

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