Facebook is coming with an Indian online lending firm to help provide loans to small domestic businesses as part of a push to bring more businesses to advertise on its platform.
The Facebook is joining hands with Indifi to help provide loans ranging from Rs. 5,00,000 to Rs. 50,00,000 at annual interest rates of up to 20%.
Facebook said it would pay off to bolster the small business economy in India as these companies will use its apps including Instagram and WhatsApp to boost their growth.
The loans are available to small businesses that have been advertising on Facebook or its group apps for at least 180 days.
This programme could help drive more such firms to advertise on the social network and its apps which are highly popular in India.
India is a key growth market for Facebook with more than 410 million users and its WhatsApp messenger counts the South Asian country as its biggest market with over 530 million users.
Instagram has over 210 million users in India.
WhatsApp has plans to deep its partnership with banks to offer financial services such as pensions and insurance.
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