Facebook  ties up with Indifi to offer loans

Businesses partially or fully owned by women will get a special 0.2 percent reduction per annum on the applied loan interest rate from Indifi.

Facebook India announced on Friday a program to help small and medium-sized enterprises (SMEs) gain instant access to credit from Rs 5 lakh to Rs 50 lakh loan. Facebook stated, “India is the first Facebook country 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 at a pre-determined interest rate of 17-20 percent per year. The program will also enable small businesses to apply for loans without collateral through a quick online application. Small businesses that sign up for this program will not need to pay processing fees by Indifi. “

Indifi will also disburse the loan amount within five working days of the borrower completing all documentation formalities after acceptance of the offer by Indifi. it’s beneficial for Small businesses, who often do not get loans as the requirement is either too low for making it viable to the lenders or they don’t have a history of financial reports to support their application.“The goal of the initiative is to make business loans more easily accessible to small businesses, and reduce the credit gap within India’s MSME sector,” Facebook stated.

Through this program, Facebook is providing special support to women entrepreneurship in the country. Businesses partially or fully owned by women will get a special 0.2 percent reduction per annum on the applied loan interest rate from Indifi.

Facebook India MD Ajit Mohan said about $4 million in grants has been deployed to more than 3,000 SMBs across Delhi, Gurgaon, Mumbai, Hyderabad, and Bengaluru.

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Sayeeda Bano

Sayeeda is a passionate content writer having experience of more than 3 years in print media as well as electronic media. She has proved herself as the best orator and won the title of "Orator of the Year- 2013" from Oxford Speakers' Academy.

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