Facebook, Xiaomi Eye India’s $1 Trillion Digital Loan Market
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India’s digital loan market is becoming a battleground for companies from Facebook Inc. to Xiaomi Corp., seeking a foothold in what’s set to be a $1 trillion industry.
Facebook this month said India would be the first country where it rolls out its small business loan program offering loans via a partner to firms that advertise on its platform. The loans will range from 500,000 rupees ($6,720) to 5 million rupees with interest rates of 17%-20%, potentially without collateral.