Meta has introduced a no-cost EMI feature for advertisers in India to help small businesses manage their cash flow. Advertisers will be able to pay Meta for their advertising campaigns through participating banks using the free EMI feature in equal monthly installments spread out over three months at no additional interest cost to them.
According to Meta, the feature would cover the bank’s interest and provide the company with an upfront discount on its advertising expenditures. Advertisers can convert any amount between Rs 3,200 and Rs 5 lakh into EMIs with free EMI billing. India is the main country inside Meta where the no-cost EMI has been sent off.
Meta also announced additional enhanced service support features for all advertisers in India at the second edition of its “Grow Your Business Summit” in the country. Ajit Mohan, VP and MD (Facebook India) Meta said that, with these announcements, every advertiser on Meta in India, regardless of their ad spends, has access to financial and service support at the click of a button to unlock new growth opportunities. Meta also provided 24×7 chat support for all of its India-based advertisers.
Meta has been dedicated to making timely credit access easier over the past three years. The journey began in 2020 when grants for small businesses in five Indian cities were announced as part of a $100 million global grant for small businesses.
Meta launched the Small Business Loans initiative in 2021 to provide small business advertisers with access to third-party lending platforms for business loans. According to the company, this program now covers 19,000 Indian pin codes, and individuals can now apply for collateral-free business loans ranging from Rs 30,000 to Rs 1 crore.