Indifi, technology-based lending platform has partnered with Facebook India to launch 1st of its Kind Small Business Loans Programme. It will provide loans worth INR 5 lakh to 50 lakh for Small Businesses advertising in Facebook’s Platform.
- The loans will bear an interest rate of 17-20% and 0.2% additional reduction in the interest rate for the businesses owned by Women either partly or Wholly.
- The loans will be processed within 5 working days if the borrower submits the documents, without requiring any collateral.
- Indifi will decide on the eligibility criteria of the borrowers such as Creditworthiness & bear the risk of Loan defaults.
- Facebook will show its Advertisers about the programme and It won’t get involved in determining the eligibility of the borrowers, recovery etc..
Small Business Grants programme
i.Launched in 2020 by Facebook for Small and Medium Businesses (SMBs) to combat the effects of COVID-19 Pandemic
ii.It involves USD 100 Million in cash grants and ad credits to help small businesses across over 30 countries
iii.This programme allocated about $4 million in India for more than 3,000 small businesses across five cities
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MD & CEO – Alok Mittal
Headquarters – Gurugram, Haryana
Chief Executive Officer (CEO) – Mark Zuckerberg
Headquarters – California, United States of America