India's largest lender State Bank of India (SBI) on Monday signed an MoU with Realme to assist its dealers and distributors with timely inventory funding through paperless flow of credit facility by its flagship Electronic Dealer Finance Scheme (e-DFS).
The e-DFS will enable Realme distributors overcome liquidity crunch and to provide finance at attractive interest rates at zero margin, SBI said.
An offshoot of Chinese brand Oppo, Realme aims to provide smart phones under Rs 20,000 for the "young people around the world."
"The SBI has taken a 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 - 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 ensured end use of funds and real-time MIS reporting of transactions pertaining to purchase and sale of inventory," SBI added.
P.K. Gupta, MD, Retail & Digital Banking, SBI said: "We believe the 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 endeavour to fuel the growth of the SME entrepreneurs by providing access to quick and low-cost finance."
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. 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.