Icici Bank launches Instant Emi Facility on its online banking platform

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Mumbai: ICICI Bank today announced the launch of an instant Equated Monthly Facilities (EMI) facility on its online banking platform. Called ‘[email protected] Banking’, the facility aims to provide increased accessibility to millions of pre-approved customers as it enables them to convert their high-value transactions up to 5 lakh in easy monthly installments. It also improves the customer experience, as customers benefit from EMIs instantly and completely digitally.

ICICI Bank is the first in the industry to introduce an instant EMI feature on its online banking platform. The Bank has partnered with BillDesk and Razorpay, leading online payment gateway companies to offer this feature. Currently, the “EMI @ Internet Banking” has been activated for more than 1,000 merchants in categories such as online shopping portals, insurance, travel, tuition and electronic channels.

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Speaking at the launch, Sudipta Roy, Head of Unsecured Assets, ICICI Bank, said: “Our latest offering of ‘[email protected] Banking’ provides greater accessibility for customers by giving them the flexibility of EMIs for transactions. valuable. It also provides immense convenience to customers as the entire experience is fully digital and instantaneous. We believe this facility will enable 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 of BillDesk, said, “This will help ICICI Bank customers easily fund their online purchases using convenient monthly payments among merchants supported by BillDesk.”

Khilan Haria, Head-Payments Product, Razorpay said, “This EMI functionality on online banking will be a major added value for our partner companies by providing them with higher conversion rates and will benefit end consumers by now making payments important easier and more affordable. “

Advantages offered by the ‘EMI @ Internet Banking‘ service:

Instant and digital processing: Customers can convert their high-value transactions instantly and digitally into EMI while paying through the Bank’s online banking platform.

Wide choice of merchants: Customers can choose this facility for their favorite gadget or to pay for an insurance premium or for their child’s school fees or for vacations.

Upper transaction limit: Customers can make purchases of products or services ranging from 50,000 to 5,000,000.

Flexible mandates: Customers can select the terms of their choice between three months, six months, nine months and 12 months.

Here are some simple steps to benefit from the “EMI @ Internet Banking” feature:

  • Select a product or service on the merchant’s website or app
  • Choose ‘ICICI Bank Internet Banking’ as payment method
  • Enter user ID and password
  • Choose the “Convert to EMI Instantly” tab on the payment details page
  • Select payment term
  • Enter the OTP received on the registered mobile number and the payment is made

ICICI Bank is a leading private bank in India. The total consolidated assets of the Bank stood at Rs15,19,353 crore as of December 31, 2020.

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