Myntra offers EMI of Rs 51 on clothing range

Myntra (Image: Company website)

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Myntra has introduced EMIs of as little as Rs 51 a month for buyers purchasing clothes.

Online shopping portals are now the preferred choice of urban people, especially youth. However, financial limitations restrict their choices. For such individuals, Myntra has introduced this facility.

The EMI is available on some products available on the fashion portal that are worth Rs 1,300 or even less, as per a report in The Economic Times. It has been done to encourage consumers who can buy first and pay later, the ET report quoted a person directly involved in the implementation of the scheme.

To execute the latest offering, the company has tied up with HDFC Bank, ICICI Bank, Citi, State Bank of India, Kotak Mahindra Bank, Amex, HSBC and others, which will charge 13 per cent to 15 per cent interest on credit card purchases of selected items that can be paid over three to 24 months.

The facility is limited to Myntra and is not available on Jabong – the rival apparel e-commerce store acquired by Myntra for $70 million in July 2016.