Chennai, NFAPost News Service: India’s largest lender and a pioneer in SME lending, State Bank of India (SBI) has entered into a partnership with realme, a technology brand that specializes in providing smartphones, 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 of Realme Mobile Telecommunications (India) Pvt. Ltd 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 Managing Director Retail & Digital Banking P.K. Gupta said SBI is glad to announce its association with realme and this will further enhance the banks engagement with new age companies.
“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” said SBI Managing Director Retail & Digital Banking P K Gupta
SBI Managing Director Retail & Digital Banking P.K. Gupta said 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, realme India Vice President and Chief Executive Officer Madhav Sheth said the company’s 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,” said realme India Vice President and Chief Executive Officer Madhav Sheth.
SBI is the market leader in inventory finance. The bank’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 is a technology brand that specializes in providing smartphones with leap-forwarding performance, design and quality. As a young brand propelled by a “Dare to Leap” attitude, realme strives to provide leap forward experience with its product and service which goes above its price segment.
With only 20 months into operations, realme has successfully established itself as a smartphone brand offering devices that effortlessly amalgamates outstanding designs with advanced technologies and industry-leading qualities. While driving most of its earlier sales through online commerce, the brand is adhering to the growing demands of the customers by expanding its footprint in the offline market.
State Bank of India (SBI) is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. As on December 31, 2019, the bank has a deposit base of over Rs. 31 lakh crore with CASA ratio of little more than 44% and advances of nearly Rs. 23 lakh crore. SBI commands 34% market share home loans and 34.86% in auto loans segment.
The Bank has the largest network of 21,959 branches in India with an ATM / CDM network of over 58,500. The number of customers using internet banking facility are 70 million and mobile banking services stand more than 16 million. Downloads for YONO – an integrated digital and lifestyle platform by SBI – is 41.3 million with 4.5 million logins per day. On social media platforms, SBI has the highest
number of followers on Facebook and Twitter amongst all banks worldwide
About realme Mobile Telecommunications (India) Pvt. Ltd.
Realme is a technology brand that specialises in providing high-quality smartphones with the best design and performance. The brand was officially established on May 4th, 2018 by its founder Sky Li and Madhav Sheth in India, together with a young team who have rich experience in the smartphone industry.
Realme is committed to offering powerful performance, stylish design, sincere services and exploring more possibilities of smartphones. The company 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.
As per both Counterpoint and IDC, realme has become the 4th largest smartphone brand in India since Q4 2018. CMR has claimed realme as No. 1 Quality Smartphone Brand in India with the lowest return rate and the highest customer satisfaction on reliability.