Facebook, Xiaomi eye India’s $1-trillion digital loan market
India’s digital loan market is becoming a battleground for companies from Facebook to Xiaomi, seeking a foothold in what’s set to be a $1 trillion industry. Facebookthismonthsaid 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 ($6,720) to 5 million rupees with interest rates of 17 per cent20 per cent, potentially without collateral. Thesocialmediagiant’sforayintoindiacoincideswith Xiaomi’s, the Chinese maker of everything from rice cookers to gaming monitors, plans to offer loans, credit cards and insurance products in partnership with some of the nation’s biggest banks and startup digital lenders, the Press Trust of India reported.