Facebook will offer loans to small businesses in India under a new initiative launched on Friday. The California-based company has started its Small Business Loans Initiative in partnership with Indifi, an online lending platform, Facebook said.
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The loans will be offered to firms that advertise on its social networking platform and will range from Rs500,000 ($6,720) to Rs5 million. The interest rate will be 17 percent to 20 percent per annum without collateral, the company said on its website.
Facebook also plans to provide a reduction on interest for businesses which are owned by women.
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