Amazon to provide loans to promote new sellers in India

Amazon has announced that it will be launching a program, which will provide loans to new businesses. According to thenextweb.com, the idea is to help them get started and gain market share.

Reuters reports that selected sellers in Canada, China, France, Germany, India, Italy, Spain and the UK will be eligible for the loans from later this year. The service has been in limited testing in the US and Japan for a number of years. It offers three to six month loans of USD 1,000 to USD 600,000 to help new sellers buy inventory.

Amazon takes repayments directly from the seller's earnings.