Mumbai: ICICI Bank today announced the launch of an instant EMI (Equated Monthly Instalments) facility on its internet banking platform. Called ‘EMI @ Internet Banking’, the facility aims to offer increased affordability to millions of pre-approved customers, as it enables them to convert their high-value transactions up to Rs5 lakh into easy monthly instalments. It also brings in enhanced customer experience as customers get the benefit of EMIs instantly and in a fully digital manner.

ICICI Bank is the first in the industry to introduce an instant EMI facility on its internet banking platform. The Bank has tied up with BillDesk and Razorpay, leading 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.

Speaking on the launch, 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."

Benefits offered by ‘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.

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 Rs50,000 to Rs5 lakh.

Flexible tenures: Customers can select tenures of their choice from three months, six months, nine months and 12 months.

Here are simple steps to avail of the ‘EMI @ Internet Banking’ facility':

Select product or service on merchant website/ app

Choose ‘ICICI Bank Internet Banking’ as a payment mode

Enter user ID and password

Choose the ‘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

ICICI Bank is a leading private sector bank in India. The Bank’s consolidated total assets stood at Rs15,19,353 crore on 31 December 2020.