Here’s all you need to know about indifi business loan for small businesses in partnership with Facebook India

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indifi business loan small business – We bring you all the information about indifi business loan for small businesses in partnership with Facebook India. Recently Facebook India has tied up with indifi for giving business loans from Rs.5 Lakh to Rs.50 Lakh to small businesses subject to certain terms and conditions.

Business loans have been more or less a necessity for all sizes of businesses, be it MSMEs or large groups. While its comparatively easy for large corporations or groups to get business loans from banks and other financial institutions, its very difficult for the small and medium players. For start-ups and small businesses business loans are generally required for maintaining cash flows, bringing in equipment to meet the demands of the consumer, investing in inventory, and various other functions. The Government of India also has various schemes for MSME sectors, for example:

  • MSME government business loans scheme for business loans in 59 minutes
  • MUDRA business loans
  • Credit Guarantee Fund Scheme for Micro and Small Enterprises
  • Credit Link Capital Subsidy Scheme
  • Start-Up India and many more to rely on…

indifi business loan small business

In today’s circumstances, Marketing is the key to attract customers and persuade them to buy the goods and services offered. To help small businesses overcome the burden, an announcement was made at a virtual event hosted by Facebook India along with FICCI on ‘Enabling MSME growth through financial inclusion. A “Small Business Loan Initiative” was announced by Facebook in partnership with Indifi, an online lending platform providing loans to small businesses. The purpose of the initiative is to help businesses that advertise on Facebook to get quick access to credit through independent lending partners.indifi business loan small business

India is the first country where Facebook has rolled out such a program because many small businesses face challenges in securing loans of lower ticket sizes. The aim of the program is to make business loans easily accessible that will reduce the credit gap within India’s MSME sector.   It has some great features to help businesses get through these difficult times.

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Indifi loan – Indifi Business loan details

  • Businesses can avail loans from INR 5 lakh up to INR 50 lakh.
  • Collateral free loans and quick process.
  • No processing fees is being charged.
  • No collateral is required for the loan.
  • Repayment period of between 18-36 months
  • Interest Rates of around 17-20% p.a. (as per indifi website)
  • Wholly or partly owned businesses by women to get a special 0.2% reduction per annum on the applied Interest Rate.

indifi business loan small business

How to apply for indifi loan – Facebook loan in India? 

  • Apply online through indifi official website to avail the credit.
  • You would need to fill in personal and business information, so keep all the relevant details ready including Pan card, GST number, etc. Check the list of documents given below.

Process of indifi loan – Facebook loan in India

  • After online application submission, confirmation can be received within one working day of applying. You can also understand the status of your application easily by calling a dedicated customer support line.
  • Once online loan application along with all the documents have been submitted, the processing will take two (2) working days to approve or reject the application.
  • Amount of loan, if found eligible, will be disbursed within 5 days, provided the borrower completes all the paperwork and documentation formalities after the acceptance of an offer by Indifi and any other terms and conditions of Indifi.

indifi business loan small business

To apply for this loan, your business must meet the following criteria:

Indifi business loan – Facebook business loan in India terms & conditions

  • The business has to be located in an eligible Indian city (82 cities as of now)
  • The business is to be registered with a valid trade license.
  • The business should have been an advertiser on the Facebook family of apps for at least 180 days at the time of application.
  • Age of business is one of the key criteria in deciding about eligibility. Indifi will also assess current business turnover and past repayment history, among several other factors, before arriving at any decision.
  • You can apply loan for only one business.

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Documents required for Indifi loan 

  • KYC of business and all the promoters of the business.
  • KYC of promoter(s) – 1. PAN card, 2. Any one of the four National IDs (Aadhaar, DL, Passport, Voter ID), 3. Proof of current residence address (if not updated on National ID)
  • KYC of business – 1. Registration proof; And for non-sole-proprietorship, 2. PAN card & 3. Constitution documents
  • Ownership proof -Applicable if current residence/ business premises are owned.
  • Bank account statements of all accounts of the firm for the last six (6) months.
  • If you are looking for a loan above Rs.10 Lakh, then last year’s full ITR (with computation) of the business would be required.

indifi business loan small business

What if your application for Indifi loan – Facebook India business loan is rejected?

You can again apply after three (3) months of application rejection. During this time work on the feedback provided by Indifi.

Can business whose loan was approved apply for more loan?

If your application was approved by Indifi and the loan disbursed to you, then you can apply for a top-up loan after six (6) months from the date of loan disbursal date.

All the loans are subject to the qualifications and approval by Indifi and its lenders and Facebook is not responsible for the loan application process and disclaims all the liability in the relation thereof. Thus, the social media platform will now be available at arm’s length from the actual lending process, making it viable to the lenders who do not have the history of financial reports to support their application for business loans. We repeat and do remember that the loan has to be applied directly on indifi website.

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Disclaimer: The above information is based on what is available on indifi website and other media platforms and have not been directly verified with either the indifi or the Facebook.

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