State Bank of India (SBI) has announced its 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 ensured end use of funds and real-time MIS reporting of transactions pertaining to purchase and sale of inventory.
SBI’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 was established on May 4th, 2018 by its founder Sky Li and Madhav Sheth in India. With only 20 months into operations, realme has launched 18 smartphones, which includes realme 1, realme 2, realme 3, realme 2 Pro, realme 3 Pro, realme U1, realme C1, realme C2, realme 3i, realme X, realme 5 and realme 5 Pro, realme XT, realme 5s and ultimate flagship realme X2 Pro, realme X2, realme 5i and brand new realme C3. realme has also introduced smartphone accessories such as power banks, buds 2, realme buds wireless and an all-new realme buds air.
P.K. Gupta, MD (Retail & Digital Banking), SBI said, “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.”
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 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.”