Meta announced no-cost EMI and enhanced service support for advertisers and small businesses in India. The announcement was made at Meta’s annual Grow Your Business Summit, which focuses on small business growth. Meta’s No Cost EMI debuts in India.
Meta says this feature will allow advertisers and small businesses to pay for their ad campaigns in equal monthly instalments over three months through participating banks at no additional interest cost. Meta will pay the bank’s interest and discount the company’s ad spends.
Many new and growing businesses in the U.S. need working capital. With no-cost EMI billing, they can convert Rs 3,200 to Rs 5,00,000 to EMIs.
Several SMB’s in India use Meta and other digital platforms to reach customers, so they need more support. Meta announced 24×7 chat support for its Indian advertisers today.
“With these announcements, every Meta advertiser in India, regardless of ad spend, has access to financial and service support to unlock new growth opportunities. Each business is on a unique journey, so we build India-focused solutions around their needs. We hope the Grow Your Business Summit initiatives will help small businesses achieve their goals with greater flexibility and ease.” Ajit Mohan, VP and MD (Facebook India) Meta, said.
Meta has spent the past three years facilitating prompt loan access for a wider range of people. In 2020, as part of a $100 million global award for small businesses, grants totaling $4.3 million (Rs 32 crore) were offered to more than 3,000 small enterprises across five Indian cities, including Delhi and Mumbai, to aid in the expansion of their operations in the face of the COVID-19 epidemic.
Meta and Indifi introduced their Small Business Loans programme in 2021. Businesses that advertise on Meta can apply for loans from third-party lending platforms with the help of this programme. This too was an India-first endeavour within Meta. Advertisers in the tiniest towns and villages in India can now apply for collateral-free business loans ranging from Rs 30,000 to Rs 1 crore, as announced at the Grow Your Business Summit.