Facebook teams up with Indian firm to help provide loans to small businesses

NEW DELHI: Facebook is partnering with an Indian online lending firm to help provide loans to small domestic businesses, its country head said on Friday, as part of a push to bring more businesses to advertise on its platform.

The social media giant is joining hands with Indifi to help provide loans ranging from 500,000 rupees to 5,000,000 rupees ($6,719-$67,191) at annual interest rates of up to 20%, Ajit Mohan, Facebook India’s managing director, told a virtual news conference.