ICICI Bank, on Wednesday, announced the launch of an instant EMI (Equated Monthly Instalments) facility on its internet banking platform. Called ‘EMI@Internet Banking’, the facility aims to offer increased affordability to pre-approved customers, as it enables them to convert their high-value transactions of up to Rs 5 lakh into easy monthly installments. With this, customers can now purchase their favourite gadget or pay for their insurance premium in easy EMIs from their savings account using the internet banking platform.
ICICI Bank claims to be the first in the industry to introduce an instant EMI facility on an internet banking platform. The bank has tied up with online payment gateway companies, BillDesk and Razorpay, to offer this facility. Presently, the ‘EMI@Internet Banking’ has been enabled for over 1000 merchants in categories like online shopping portals, insurance, travel, education (school fees), and electronic chains. The bank aims to partner with more payment gateway companies, merchants and add categories under this facility in the near future.
Some of the benefits offered by ‘EMI@Internet Banking’ facility include: Instant and digital processing, customers can convert their high-value transactions instantly and digitally into EMIs while paying through the bank’s internet banking platform; a wide array of merchants, where customers can choose from various merchants to make their payments; higher transaction limit, which allows customers to make purchases of products or services ranging from Rs 50,000 to Rs 5 lakh; flexible tenures, so customers can select tenures of their choice from three months, six months, nine months and 12 months.
“We at ICICI Bank always strive to enhance our customer’s convenience and provide them with innovative solutions to make banking more accessible and hassle-free,” said Sudipta Roy, Head- Unsecured Assets, ICICI Bank.
“Our latest offering of ‘EMI @ Internet Banking’ brings in enhanced affordability for customers by providing them with flexibility of EMIs for high-value transactions. We believe this facility will empower millions of our pre-approved customers to purchase or shop for their needs in a completely contactless, instant, digital and secure manner,” he added.
You can avail the ‘EMI@Internet Banking’ facility through the following steps:
> Select product or service on merchant website/ app > Choose ‘ICICI Bank Internet Banking’ as a payment mode.
> Enter user ID and password > Choose ‘Convert to EMI instantly’ tab on the payment details page.
> Select payment tenure > Enter the OTP received on registered mobile number to complete the payment.