Facebook has partnered with Indifi, an online lending platform, to offer loans ranging from Rs 500,000 (US$6,720) to Rs 5,000,000 (US$67,200) at interest rates of 17% to 20% to SMEs in 200 Indian towns and cities. India is the first country where the social media giant has rolled out this program.
SMEs that advertise on Facebook will be eligible to apply for the loans without any collateral through a quick online application. The SMEs will not be charged any processing fee by Indifi, which will disburse the loan amount within five working days after the documentation formalities are completed.
