If you want to get some new stuff on Equated Monthly Installment (EMI) but you do not have a credit card, then you do not have to worry anymore. The private sector ICICI Bank has announced to give its customers the facility to purchase goods on Equated Monthly Installment (EMI) through Internet banking. The bank has named this facility ‘EMI @ Internet Banking’. A press release issued by the bank said that the facility aims to facilitate the purchase of a large number of goods on EMI to millions of pre-approved customers.
ICICI Bank has said that the bank’s millions of pre-approved customers can convert their transactions up to Rs 5 lakh to EMI instantly through digital. This release states that with this facility customers can now buy their favourite gadgets or pay their insurance premiums or children’s school fees in easy EMI from their savings account using an internet banking platform.
ICICI Bank has claimed that it is the first bank in the industry to offer EMI through an internet banking platform. ICICI Bank has tied up with Bill Desk and Razor Pay to provide this facility. The bank has said that at present, this facility has been introduced for more than 1000 merchants in categories such as online shopping portals, insurance, travel, education-school fees and electronic chains. The bank is also trying to add other merchants, payment gateways and segments under this facility in the near future.
The benefits available under the ‘EMI @ Internet Banking’ facility are as follows:
1. Immediate and Digital Process: Customers can convert their high-value financial transactions into EMIs instantly and digitally by making payments through the bank’s Internet banking platform.
2. This facility is available on many fronts: Customers can choose this facility to buy their favourite gadget or pay the insurance premium or to pay school fees for their child or for holiday.
3. Transaction limits: Customers can purchase products or services ranging from Rs 50,000 to Rs 5 lakh.
4. Duration: Customers can choose the period of their choice from three months, six months, nine months and 12 months.
Step-by-step process to avail ‘EMI @ Internet Banking’ facility:
1. Select the product or service on the merchant website/app, select ‘ICICI Bank Internet Banking’ as the payment mode.
2. Enter the User ID and Password, select the ‘Convert to EMI’ tab on the Payment Details page.
3. Choose the payment period – Enter the OTP received on the registered mobile number and complete the payment.