Facebook in an initiative had started offering loans to hundreds and thousands to its advertisers in India worth up to ₹50 lakhs.
Around 17-20% will be the interest rate while an additional reduction of 0.2% will be given to businesses owned either partly or wholly by women.
Approximately 200 million businesses using Facebook, WhatsApp and Instagram worldwide are from India. 15 million businesses in India are using the recently launched WhatsApp Business platform.
Recently the tech company has partnered with a technology startup, Indifi, for a loan venture in India. This company will decide on the eligibility criteria of the borrowers, which includes creditworthiness and also bear the risk of loan defaults.