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Facebook partners Indifi for credit to SMBs
August 23, 2021
Facebook India on Friday announced a program to help small and medium businesses (SMBs) that advertise on Facebook to get fast access to credit of between ₹5 lakh and ₹50 lakh through independent lending partners.
“India is the main Facebook country where this program is getting rolled out. The program is available to organizations registered across 200 towns and urban cities of India,” Facebook said.
Through Facebook’s partnership with Indifi, small businesses that advertise with Facebook can get loans at a predefined interest rate of 17-20 percent for per annum, it said. “The program will likewise enable small companies to apply for loans without collateral through a quick online application. Small business applying under this program won’t be charged a processing fee by Indifi.”
Indifi will also disburse the loan amount inside five working days of the borrower completing all documentation customs after acceptance of the offer by Indifi. Many small businesses face difficulties in getting loans of lower ticket-size as they are not viable for some moneylenders. “The objective of the drive is to make business loans all the more effectively open to small companies, and reduce the credit gap inside India’s MSME sector,” Facebook said.
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