ICICI Bank on March 24 launched an instant EMI (Equated Monthly Instalments) facility on its internet banking platform. Through the ‘EMI @ Internet Banking’ facility, the bank aims to provide increased affordability to millions of pre-approved customers using its internet banking services by allowing them to convert their high-value transactions up to Rs 5 lakh into easy monthly instalments.
Customers get the benefit of EMIs instantly and in a fully digital manner to enhanced customer experience.
ICICI Bank is the only bank that has such an instant EMI facility on its internet banking platform. To offer this facility, the bank has tied up with BillDesk and Razorpay, leading online payment gateway companies. Currently, the ‘EMI @ Internet Banking’ has been enabled for over 1,000 merchants in categories like online shopping portals, insurance, travel, education- school fees and electronic chains.
“Our latest offering of ‘EMI @ Internet Banking’ brings in enhanced affordability for customers by providing them with the flexibility of EMIs for high-value transactions. It also offers immense convenience to the customers as the entire experience is completely digital and instant. 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," Sudipta Roy, Head- Unsecured Assets, ICICI Bank said at the launch.
“This will help ICICI Bank customers easily finance their online purchases using convenient monthly instalment payments across merchants supported by BillDesk," Ajay Kaushal, Co-founder and Director BillDesk said.
“This EMI on internet banking feature will be a major value-add to our partner businesses by providing them with higher conversion rates and benefit end-consumers by now making large payments easier and affordable," Khilan Haria, Head- Payments Product, Razorpay said.
Here are the benefits offered via ‘EMI @ Internet Banking’ facility:
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.
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 for 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.
To avail 'EMI @ Internet Banking’ facility, follow these simple steps
- Select product or service on merchant website/ app
-Choose ‘ICICI Bank Internet Banking’ as a payment mode
-Enter user ID and password
-Choose the ‘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