Facebook offers Loans to Small businesses in India
New Delhi, 20 Aug 2021: Facebook India announced an initiative known as the ''Small Business Loans Initiative'' in partnership with Indifi to help small and medium businesses (SMBs) get quick access to credit through independent lending partners.
India is the first country for Facebook where this program is getting rolled out. The program is open to businesses registered across 200 towns and cities of India.
Through Facebook's partnership with Indifi, small businesses that advertise with Facebook can get loans between Rs 5 lakh ($6,720) to 50 lakh ($67,200) at a predefined interest rate of 17-20 percent per annum, and applicants will not be charged a processing fee.
Indifi will also disburse the loan amount within five working days of the borrower completing all documentation for...