Meta (formerly Facebook) on Tuesday announced a no-cost EMI feature for advertisers to ease cash flow for small businesses in India. The no-cost EMI feature will allow advertisers to pay Meta for their advertising campaigns in equated monthly installments over three months through participating banks at no additional cost of interest to them.
ALSO READ: Meta set to take action on bullying and harassment content- Know-how
Meta said it will bear the applicable interest payable to the bank, and give it as an upfront discount to the business on its ad spends. With no-cost EMI billing, advertisers can choose any amount between Rs 3,200 and Rs 5 lakh to convert to EMIs. India is the first country within Meta where the no-cost EMI has been launched.
ALSO READ: Reliance Jio partners with Microsoft, Meta, Intel and Google, to roll out 5G in October- Know more
At the second edition of its 'Grow Your Business Summit' in India, Meta also announced other enhanced service support features for all advertisers in the country. "With these announcements, every advertiser on Meta in India, irrespective of their ad spends, has access to financial and service support, at the click of a button to unlock new growth opportunities," said Ajit Mohan, VP and MD (Facebook India) Meta. Meta also announced 24x7 chat support for all its active advertisers in India.
Over the last three years, Meta has been committed to enabling easier access to timely credit. The journey started in 2020 when as part of its $100 million global grant for small businesses, grants were announced for small businesses across five cities in India.
In 2021, Meta launched the Small Business Loans initiative to enable business loans for small business advertisers through third-party lending platforms. The scope of this programme has expanded to 19,000 pin codes across India and people can now apply for collateral-free business loans from as little as Rs 30,000 to as much as Rs 1 crore, said the company.