ICICI Bank has launched an instant EMI (Equated Monthly Instalments) facility on its internet banking platform. Called ‘EMI @ Internet Banking’, the facility aims to offer increased affordability to millions of pre-approved customers. Bank’s ‘EMI @ Internet Banking’ facility enables customers to convert their high-value transactions up to Rs 5 lakh into easy monthly instalments. It also brings in enhanced customer experience as customers get the benefit of EMIs instantly and in a fully digital manner. With this, customers can now purchase their favourite gadget or pay for their insurance premium or school fees in easy EMIs from their savings account using the internet banking platform.
ICICI Bank is the first in the industry to introduce an instant EMI facility on its internet banking platform. The Bank has tied up with BillDesk and Razorpay, leading online payment gateway companies to offer this facility.
Speaking on the launch, Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “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. 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.
Benefits offered by ICICI Bank ‘EMI @ Internet Banking’ facility:
Instant & 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: Customers can choose this facility for their favourite gadget or to pay an insurance premium or for school fees of their child or vacation.
Higher transaction limit: Customers can do purchases of products or services ranging from Rs. 50,000 to Rs. 5 lakh.
Flexible tenures: Customers can select tenures of their choice from three months, six months, nine months and 12 months.
Steps to avail ICICI Bank ‘EMI @ Internet Banking’ facility:
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 the registered mobile number and the payment is done
RBI to lenders: Stop charging compound penal interest on loans
Why women must take care of their finances
Axis-Citi deal: What changes for Citibank cardholders in India