With this move, the private sector lender aims to provide increased affordability to millions of pre-approved consumers, as it allows them to convert their high-value transactions up to Rs 5 lakh into EMI.
ICICI Bank has launched an instant EMI facility on its internet banking platform. With this move, the private sector lender aims to provide increased affordability to millions of pre-approved consumers, as it allows them to convert high-value transactions up to Rs 5 lakh into EMIs.
ICICI has become the first bank in India to offer the facility on its internet banking platform. The bank has tied-up with leading online payment gateway firms -- BillDesk and Razorpay.
Currently, ICICI Bank's EMI facility has been enabled for more than 1,000 merchants. The bank also aims to partner with more payment gateway companies, merchants and add categories under this facility soon.
Speaking on the launch, ICICI Bank, Head-Unsecured Assets, Sudipta Roy, said, "We have observed that many of our customers undertake high-value transactions for payments of insurance premiums, school fees, purchasing electronics, or paying for vacations through the bank's internet banking platform."
Ajay Kaushal, co-founder and Director of BillDesk, said that they were extremely excited with this partnership and the initiative will certainly help customers.
Razorpay's Khilan Haria said that the EMI on internet banking feature will be a major value-add to partner businesses by providing them with higher conversion rates and will benefit end-consumers.
Here's how eligible people can avail of the EMI facility:
-- Select product or service on merchant app or the website of ICICI Bank
-- Choose 'ICICI Bank Internet Banking' as the payment mode
-- Enter user ID and password
-- Opt for convert to EMI instantly tab
-- Select payment tenure and enter OTP
Want to know more about the instant EMI facility?
-- Customers can choose this facility to purchase a gadget or pay an insurance premium, to pay school fees of their child or to use it for a vacation.
-- Users can also avail the offer to purchase products or services ranging from Rs 50,000 to Rs 5 lakh
-- The bank is offering repayment tenures of three months, six months, nine months and 1 year.