Private lender ICICI Bank has launched its instant EMI (Equated Monthly Instalments) facility today on its internet banking platform. Titled as ‘EMI @ Internet Banking’, the facility aims to provide better affordability to millions of pre-approved customers.
It enables the customers, whose loans are pre-approved, to convert their high-value transactions up to Rs 5 lakh into easy monthly instalments.
ICICI Bank is the first in the industry to launch an instant EMI facility on its internet banking platform in association with BillDesk and Razorpay.
Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “ 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.”
Ajay Kaushal, Co-founder and Director BillDesk said, “This will help ICICI Bank customers easily finance their online purchases using convenient monthly instalment payments across merchants supported by BillDesk.”
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.”