Business Standard

Facebook, Xiaomi eye India’s $1-trillion digital loan market

- BLOOMBERG

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.

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