In partnership with Indifi, Facebook has launched a new loan programme for SMEs in India. This program has been created for SMEs in India to increase their productivity and growth who are a part of the Facebook family. The programme is called the ‘Small Business Loan Initiative’, and it is made available by Indifi.
Shri Ajit Mohan, the head of Facebook India, also said that the social network’s platforms, including Instagram and Whatsapp Business, have almost 200 million businesses registered. These businesses can now apply for loans starting from 5 lacs to 50 lacs at a 17%-19% interest rate annually. Additionally, Facebook business loans come with some exciting benefits which we’ll discuss below in more detail.
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Facebook Partnership With Online Lending Platform Indifi
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India-based Indifi is devoted to lending money to small and medium-sized businesses throughout India. They are a technology platform that collects data about various MSMEs in the nation and provides financial assistance to enable those businesses to thrive, especially after the impact of the lockdown on companies.
This program has been named “Small Business Loan Initiative” by Facebook. Through this program, MSME’s across India that advertise through Facebook are provided with credit to grow their business. Indifi has disbursed loans to over 25,000 SMEs nationwide and is active in 200+ cities across the country. By partnering with Facebook, Indifi can offer loans with more benefits and reach a wider audience on the Facebook network of apps.
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Facebook Business Loan Through Indifi
For many businesses suffering from economic constraints after the nationwide lockdown, Facebook Business Loan has come to their aid as a means of sustaining their market presence. They have taken this initiative to empower our nation’s MSME, where taking loans for them is surprisingly challenging without collateral. Facebook has launched its Facebook business loan for small businesses for the first time in India.
That was possible through partnering with one of the fastest-growing companies in India, Indifi, based in Gurgaon. Indifi has good expertise to collect data and learn about the potential business and provide financial credit to help them succeed.
As a result of this program, Facebook does not earn any revenue. Instead, Facebook will provide a Facebook loan to small and mid-sized businesses on its platform via Indifi. Also, keep in mind that Facebook is not the guarantor here; instead, it will assist your business in getting discovered as well as help with the application process.
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Features of Facebook Business Loan
When you receive a loan backed by some of the big companies in the world, you can expect to receive many benefits. Small businesses will likely benefit significantly from this Facebook business loan as it comes with several unique advantages.
- Loan Amount: You may receive up to Rs 5 lac-50 lac based on your business requirements as part of the Facebook business loan for small business initiative. The majority of traditional business lenders no longer lend much money to businesses nowadays. As a result of this Facebook loan, however, the capital problem is resolved.
- No Collateral And Quick Process: The application process for this loan is online, and no collateral is required. Moreover, the application process remains very straightforward and quick. After approval, your loan would be disbursed in three working days from the date of approval.
- Pre-defined interest rate: This loan has a fixed interest rate between 17%-20% annually, regardless of the loan amount. It doesn’t matter whether you take a 5 lacs or 50 lacs loan; the interest rate will remain the same throughout the repayment period.
- Support for women: Indifi also provides special concessions for businesses owned entirely or in part by women. The goal is to encourage more women to enter the entrepreneurial world and succeed. A 0.2% reduction in the interest rate for women has been made to encourage more women to take part in this initiative.
- Quick Support: The confirmation about your Facebook loan approval will be sent to you within one working day after your application. After that, you can easily find out your loan status by simply calling Indifi’s customer service department.
- No processing fee: The partnership between Facebook and Indifi for giving Facebook loans for small business allows you to get loans without any processing fee upon approval.
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Conclusion
Finally, let us conclude this discussion by saying that if you are an SME who has advertised for a considerable time on Facebook, you may instantly qualify for Facebook business loans. This allows you to cash in huge capital to grow your business to its full potential. There are no collateral requirements or processing fees. Furthermore, the loan will be disbursed in 3 days upon approval which can be pretty helpful in some situations. Also, women entrepreneurs can take advantage of an additional 0.2% reduction in interest rates.
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FAQ’s Related Facebook Loan To SMBs
What are the eligibility requirements for this Facebook loan?
According to information available on the Facebook website, there are essentially two main eligibility requirements.
- Your business must be located in an eligible Indian city. The loan program is currently available to Facebook users in 329 cities across India. Facebook has a list of those 329 Indian cities on its official site.
- Your business must be an advertiser in Facebook’s family of apps for at least 180 days.
These two are the essential eligibility criteria for a Facebook business loan. Other than that, the lending and eligibility decisions are mainly made by Indifi.
How to connect with the lender to get more information about the loan?
To connect with the lender, you can either reach them by direct call or via email. You can email assist@indifi.com or call them at 0124-6072247.
Is Indifi a good lending platform?
Yes, Indifi and its team have been operating for the past six years. The company is headed by Shri Alok Mittal, who is passionate about angel investing and helping small businesses to grow by providing financial assistance. In India, his company has been offering loans to SMEs without any collateral for many years.
