ICICI Bank has recently announced the launch of an instant EMI facility on its internet banking platform. The facility is called ‘[email protected] Banking’. It is aimed to offer increased affordability to pre-approved customersas it enables them to convert their high-value transactions of up to Rs. 5 lakh into easy monthly installments. With this, customers can now purchase their favourite gadget or pay for their insurance premium in easy EMIs from their savings account using the internet banking platform.
ICICI Bank claims to be the foremost in the industry to introduce an instant EMI facility on an internet banking platform. The bank has tied up with online payment gateway companies, BillDesk and Razorpay, to offer this facility. Currently, the ‘[email protected] Banking’ has been enabled for over 1000 merchants in categories like online shopping portals, insurance, travel, education (school fees), and electronic chains.
Some of the benefits offered by ‘[email protected] Banking’ facility include:
- Instant and digital processing, with which 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, where customers can choose from various merchants to make their payments;
- Higher transaction limit, which allows customers to make purchases of products or services ranging from Rs 50,000 to Rs 5 lakh;
- Flexible tenures, so customers can select tenures of their choice from three months, six months, nine months and 12 months.
Sudipta Roy, Head – Unsecured Assets, ICICI Bank, stated, “We at ICICI Bank always strive to enhance our customer’s convenience and provide them with innovative solutions to make banking more accessible and hassle-free.”