As a part of the no-cost EMI plan, Meta will allow advertisers on their platform to distribute their expenditures over three months through participating banks. Meta will bear the cost of interest to be paid for the three-month EMI, the tech giant said.
“Working capital access is a concern for many new and growing businesses in the country. With no-cost EMI billing, they (advertisers) can choose any amount between Rs 3,200 and Rs 5,00,000 to convert to EMIs. India is the first country within Meta where no-cost EMI has been launched,” the statement read.
Earlier in 2021, as a part of its efforts to help small businesses in India gain access to working capital, Meta had launched its Small Business Loans Initiative. Under that, advertisers could apply for business loans through third-party lending platforms such as banks and non-banking financial institutions.
The initiative, which was also an India-first, was available in 200 Indian towns. On Tuesday, the company said it was expanding the service to “19,000+ pin codes across India, which is almost the entire length and breadth of the country”.
“This means that Meta advertisers from even the smallest towns and villages can now apply for collateral-free business loans from as little as Rs 30,000 to as much as Rs 1 crore,” the company said.
Discover the stories of your interest
The social media conglomerate on Tuesday also announced the launch of a new round-the-clock chat support for advertisers all over the world.
“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,” said Ajit Mohan, Facebook in India’s vice-president and managing director.
