New Delhi, Aug 30 : Meta (formerly Facebook) on Tuesday unveiled a free EMI option for advertisers to help ease cash flow for small-scale businesses in India.The free EMI feature allows advertisers to pay Meta for their advertising campaigns in equal monthly installments spread over three months with participating banks at no extra expense of fees to them.
Meta announced that it will take on the interest that is due to the bank and will offer the interest as a discount in advance to the company on its advertising spends.
Free EMI billing advertisers can choose any sum between 3200 and 5 lakh to convert into EMIs.
India is the very first nation in Meta where the free EMI was launched.
In the 2nd edition of its “Grow Your Business Summit” in India, Meta also announced additional enhanced service support options that are available to every advertiser in India.
“With these announcements all advertisers who is on Meta in India regardless of the amount they spend on ads have access to financial and service assistance with the click of an icon to open up new opportunities for growth,” said Ajit Mohan, the VP and MD (Facebook India) Meta.
Meta also announced 24/7 chat support for all of its advertisers in India.
In the past three years Meta has been working towards facilitating access to prompt credit.
The journey began in 2020 when, as part of its $100 million global grant to small-sized businesses the government announced grants for small businesses in five cities in India.In 2021, Meta launched the Small Business Loans initiative to provide small-scale business lenders to obtain loans from advertisers via Third-party lending platforms.
The coverage of this program has widened to include 19,000 pin codes across India and users are now able to apply for collateral-free business loans starting as low as Rs 30,000 and up to 1 crore, according to the company.
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