ICICI Bank launches instant EMI facility on its internet banking platform

By Leandra Monteiro

ICICI Bank has recently launched an instant EMI facility on its internet banking platform called ‘EMI @ Internet Banking’. The new facility aims to offer increased affordability to pre-approved customers, as it enables them to convert their high-value transactions up to Rs. 5 lakh into easy monthly instalments. The new EMI facility also aims to improve customer experience with the use of technology. With this, customers can now purchase gadgets or pay for their insurance premium or school fees in easy EMIs from their savings account using the internet banking platform.

ICICI Bank claims to be the first in the industry to introduce instant EMI facility on its internet banking platform. The Bank has tied up with BillDesk and Razorpay, both online payment gateway companies to offer this facility. Presently, the ‘EMI @ Internet Banking’ is made available for over 1000 merchants in categories like online shopping portals, insurance, travel, education- school fees and electronic chains. Going forward, ICICI is looking at partnering with more payment gateway companies, merchants in order to add categories under this facility.

Speaking on the launch, Mr. Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “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. 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 added, “Our latest offering of ‘EMI @ Internet Banking’ brings in enhanced affordability for customers by providing them with 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.”

Mr. Ajay Kaushal, Co-founder and Director BillDesk said, “We are extremely excited to partner with ICICI Bank in enabling ‘EMI @ Internet Banking’ on the BillDesk platform. This will help ICICI Bank customers easily finance their online purchases using convenient monthly instalment payments across merchants supported by BillDesk.”

Mr. Khilan Haria, Head- Payments Product, Razorpay said, “Our association with ICICI Bank goes way back to our early days of growing Razorpay, and our common mission of keeping partner businesses and consumers at the centre has kept this fruitful. 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.”