ICICI Bank today announced the launch of an immediate EMI (Equated Monthly Instalments) facility on its net banking platform. The ‘EMI @ Internet Banking’ facility aims to offer you improved affordability to millions of pre-authorized buyers, as it enables them to convert their higher-worth transactions up to Rs 5 lakh into straightforward month-to-month instalments.
The bank claims, this facility will bring in enhanced buyer expertise as buyers will get the advantage of EMIs instantaneously and in a completely digital manner. With the EMI facility, buyers will be in a position to acquire gadget or spend for their insurance coverage premium or college costs in straightforward EMIs from their savings account making use of the net banking platform.
Sudipta Roy, Head- Unsecured Assets, ICICI Bank says, “ICICI Bank strives to enhance 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.”
He additional adds, “The 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.”
The Bank has tied up with BillDesk and Razorpay, (on the web payment gateway firms) to offer you this facility. Presently, the ‘EMI @ Internet Banking’ has been enabled for more than 1000 merchants in categories like on the web buying portals, insurance coverage, travel, education- college costs and electronic chains. The Bank endeavours to companion with more payment gateway firms, merchants and adds categories below this facility in the close to future.
Khilan Haria, Head- Payments Product, Razorpay stated, “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.”
Some of the added benefits provided by the ‘EMI @ Internet Banking’ facility
- Instant and digital processing: Customers can convert their higher-worth transactions instantaneously and digitally into EMIs when paying by way of the Bank’s net banking platform.
- A wide array of merchants: Customers can select this facility for their favourite gadget or to spend an insurance coverage premium or for college costs of their youngster or for trip.
- Higher transaction limit: Customers can do purchases of items or services ranging from Rs 50,000 to Rs 5 lakh.
- Flexible tenures: Customers can pick tenures of their decision from 3 months, six months, nine months and 12 months.
Here is how you can avail of the EMI facility
- Select item or service on merchant web page/ app > Choose ‘ICICI Bank Internet Banking’ as a payment mode
- Enter user ID and password > Choose ‘Convert to EMI instantly’ tab on the payment particulars web page
- Select payment tenure > Enter the OTP received on the registered mobile quantity and the payment is completed