Facebook will Lend up to 50 Lakh Taka to Indian Businessman

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.

Category and Tags
More stories by
Modi government is encouraging the use of Indian apps to compete with US technology

Photo: BHThe Modi government is encouraging the use of locally developed apps in India, as opposed to those from multinational companies such as Google Maps, WhatsApp and Microsoft. Three cabinet ministers have recen...

Musk's 'Grokipedia' is coming to compete with Wikipedia

American billionaire Elon Musk has expressed his dissatisfaction with popular online platforms at various times. Now he has announced that he will create an alternative to Wikipedia, the world's largest online encycl...

Elon Musk's SpaceX is on track to launch its own 5G network

SpaceX|ReutersElon Musk's SpaceX has signed a deal to buy wireless spectrum from US telecoms firm Ecostar for around $17 billion. The company plans to use the spectrum to connect Starlink to satellite-based internet as well as mobile networks. This m

Why Investing in Vietnam Might Be Beneficial for China?

Vietnam in recent years has become one of Southeast Asia’s most vibrant economies. For China, which is already such a dominant force in global trade and manufacturing, Vietnam offe...

Follow Business Habit on Facebook, Twitter