Facebook has taken initiative to give loans to small traders. This is the first time in India that such a social media giant has taken such an initiative. Businesses and companies that regularly advertise on Facebook will be given loans.
According to Facebook, loans ranging from Tk 5 lakh to Tk 50 lakh will be given. For this, you have to pay interest at the rate of 17-20 percent. However, this large amount of loan will be matched without any collateral.
Last week, Amazon made its first investment in India's wealth management sector. WhatsApp, another Facebook company, has already launched a digital payment service in the country.
Ajit Mohan, an Indian official at Facebook, claims that we are on the brink of a digital transformation. Facebook believes that lending to small businesses will enable their businesses to see rapid success.
Facebook has already started registering for the program in 200 cities across India.