Facebook associating with Indifi, an Indian firm has announced that Facebook advertisers in India will now be able to apply for loans up to ₹50 lakh at a predefined interest rate of 17-20%. Businesses partly- or wholly owned by women will get an additional 0.2% reduction in the applied loan interest rate.
Indifi will be the decider of eligibility criteria like the credit worthiness of the borrowers and bear the risk of loan defaults. Indifi, a SME-focused financing platform that has been functioning for the last six years is led by Alok Mittal, who founded Canaan Partners in India.
