Facebook Loan: Merchants to get loans of up to Rs 50 lakh to boost business, Facebook launches scheme
The purpose of this scheme is to meet the money requirement of small traders (MSMEs) without mortgaging anything. You can get this loan in just 5 days without any collateral.
If you are a small trader and looking for a loan to grow your business, you can get a loan of up to Rs 50 lakh (Facebook Loan) through Facebook. You can get this loan in just 5 days without any collateral.
Curry partnership with this company
According to affiliate website Zee Business, social media giant Facebook has now made inroads into the loan sector. The company has announced India’s ‘Small Business Loan Initiative’ scheme for the first time in the world. Facebook has partnered with Indifi to finance the scheme, which means the loan for the scheme will be provided by the company.
Loans up to Rs 50 lakh will be available
Ajit Mohan, vice-president, and MD of Facebook India, said the scheme was aimed at meeting the need of small traders (MSMEs) for money without pledging anything. He said that under the scheme, small businessmen who advertise on Facebook’s platform will be able to take loans ranging from Rs 5 lakh to Rs 50 lakh. He will have to pay interest at the rate of 17 to 20 percent on this loan. Indifi does not charge any processing fee on the loan application from the applicant.
The loan will be available within 5 days
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Indie Company will disclose the loan amount within 5 days of receiving all the required documents. The businessman does not need to provide any collateral for this loan. Women businesswomen will be given a 0.2 percent discount on interest. Facebook has no revenue involved in the program. The scheme will be run by Independent Loan Provider Partners i.e. Indifi. The scheme will be launched for 200 cities in the country.