With the EMI facility, customers will be able to purchase gadget or pay for their insurance premium or school fees in easy EMIs from their savings account using the internet banking platform.
Customers can do purchases of products or services ranging from Rs 50,000 to Rs 5 lakh.
ICICI Bank today announced the launch of an instant EMI (Equated Monthly Instalments) facility on its internet banking platform. The ‘EMI @ Internet Banking’ facility aims to offer increased affordability to millions of pre-approved customers, as it enables them to convert their high-value transactions up to Rs 5 lakh into easy monthly instalments.
The bank claims, this facility will bring in enhanced customer experience as customers will get the benefit of EMIs instantly and in a fully digital manner. With the EMI facility, customers will be able to purchase gadget or pay for their insurance premium or school fees in easy EMIs from their savings account using the internet 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 further 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, (online payment gateway companies) 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 endeavours to partner with more payment gateway companies, merchants and adds categories under this facility in the near future.
Khilan Haria, Head- Payments Product, Razorpay 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.”
Some of the benefits offered by the ‘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.
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 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.
Here is how you can avail of the EMI 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