Facebook has initiated a new lending program for small and medium-sized enterprises (SMEs) in India in collaboration with Indifi. This initiative was developed for small and medium-sized businesses (SMEs) in India that are already a part of the Facebook family and want to boost their productivity and growth. The initiative is referred to as the “Small Business Loan Initiative,” and Indifi is the organization that makes it available.
The head of Facebook India, Shri Ajit Mohan, stated that the social network’s services, such as Instagram and Whatsapp Business, had around 200 million businesses registered on them. These companies can now submit loan applications for amounts ranging from 5 lacs to 50 lacs, with an annual interest rate ranging from 17 percent to 19 percent. In addition, Facebook business loans come with a number of interesting advantages, all of which will be covered in further detail in the following paragraphs.
Indifi, an online lending platform established in India, and Facebook have entered into a partnership. The mission of Indifi is to provide financial assistance to Indian companies that are either small or medium-sized. They are a technological platform that collects data about the many MSMEs in the country and provides financial aid to enable such enterprises to develop, particularly following the impact that the lockdown had on companies.
According to PaydayNow, Facebook has given its loan scheme for small businesses the name “Small Business Loan Initiative.” Small and medium-sized enterprises (MSMEs) from all across India that advertise their products or services on Facebook are eligible to get loans that can be used to expand their operations. Over 25,000 small and medium-sized businesses across the country have received loans from Indifi, and the company operates in more than 200 cities. Through its partnership with Facebook, Indifi is able to provide loans with a greater number of advantages and reach a larger audience through the Facebook app network.
Business Loan Obtained From Indifi For Facebook
The Facebook Business Loan has been a great help to a lot of companies that have been struggling economically as a consequence of the nationwide lockdown. It has provided them with a way to keep their presence in the market. They have taken this move in order to empower our nation’s micro, small, and medium-sized enterprises (MSME), which face surprising difficulty in obtaining loans without collateral. For the first time ever, Facebook is offering small businesses in India a lending option through its Facebook Business Loan program.
This was made possible by our partnership with Indifi, which is headquartered in Gurgaon and is currently one of the most dynamic and rapidly expanding businesses in India. Indifi possesses a high level of experience in the areas of data collection and business research, and can thus provide potential clients financial credit to assist them in achieving their goals.
Facebook does not make any money from this program as a result of its participation in it. Instead, Facebook will support small and medium-sized enterprises on its platform with a Facebook loan through Indifi. It is also important to keep in mind that Facebook is not acting as a guarantee in this situation; rather, it will assist your company in getting identified and will help with the application process.
Characteristics of the Business Loan from Facebook
When you get a loan that is guaranteed by some of the largest firms in the world, you can anticipate receiving a lot of perks in return. Due to the fact that this Facebook business loan comes with a number of different distinct advantages, it is probable that smaller businesses will gain greatly from using it.
As part of the Facebook Business Loan for Small Businesses initiative, the amount of the loan that you receive could range anywhere from 5 million to 50 million Indian rupees, depending on the needs of your company. The vast majority of traditional business lenders do not extend a significant amount of credit to companies these days. The issue with the capital, on the other hand, has been remedied as a direct result of this loan from Facebook.
No Collateral Required And A Swift Procedure: The application for this loan can be completed completely online, and it is not necessary to provide any collateral. In addition, the procedure for submitting an application is still quite uncomplicated and swift. In the event that your loan application is accepted, the funds will be sent into your account within three business days after the acceptance date.
Rate of interest that is predetermined: The interest rate on this loan is predetermined to be between 17 and 20 percent yearly, and this rate does not change regardless of the amount of the loan. It does not make a difference whether you borrow 5,000 rupees or 50,000 rupees; the interest rate will stay the same the entire time you are making payments on the loan.
Support for women: Indifi also offers special reductions for companies that are wholly or partially owned by women. The purpose of this initiative is to inspire more women to pursue successful careers in the realm of entrepreneurship. The interest rate that applies to women has been lowered by 0.2 percentage points in order to attract a greater number of women to take part in this project.
Quick Help: If your request for a loan through Facebook is approved, you will receive notification of this decision within one business day of submitting your application. After then, you can easily find out the status of your loan by phoning the customer service department of Indifi.
The cooperation between Facebook and Indifi with the purpose of providing Facebook loans for small businesses enables you to obtain loans without paying any processing fees upon approval thanks to the agreement.
Let us wrap up our conversation by pointing out that if you are a small or medium-sized enterprise (SME) that has been promoted on Facebook for an extended period of time, you may immediately qualify for business loans from Facebook. This gives you the opportunity to bring in massive amounts of capital so that your company can reach its maximum potential. There is no requirement for collateral, nor are there any processing fees. In addition, after the loan has been approved, the funds will be transferred within three business days, which can be of great assistance in certain circumstances. Additionally, an extra decrease in lending rates of 0.2 percent is available to women who start their own businesses.