On March 24, 2021, ICICI Bank launched an instant EMI (Equated Monthly Instalments) facility in its internet banking platform ‘EMI @ Internet Banking’ in partnership with BillDesk and Razorpay, leading online payment gateway companies. ICICI Bank becomes the first Indian bank to introduce an instant EMI facility on an internet banking platform.
- It enables its pre-approved customers to convert their high-value transactions up to Rs 5 lakh into easy monthly instalments.
Objective: To provide the customer with the flexibility of EMIs for high-value transactions
Benefits of ‘EMI @ Internet Banking’ facility:
- Higher transaction limit: Customers can do purchases of products or services ranging from ₹50,000 to ₹5 lakh.
- Flexible tenures: Customers can select tenures of their choice from three months, six months, nine months and 12 months.
Recent Related News:
On November 19, 2020 ICICI Bank Ltd in partnership with Pine Labs launched ‘ICICI Bank Cardless EMI’ (Equated Monthly Instalments). ICICI Bank becomes India’s first bank and first in industry to launch a fully digital payment mode, a cardless EMI facility at retail stores.
About ICICI Bank:
Establishment – 1995(Incorporated 1994)
Headquarters– Mumbai, Maharashtra
MD& CEO – Sandeep Bakhshi
Tagline – Hum hai na, Khayal Apka
Establishment – 2000
Headquarters – Mumbai, Maharashtra
About Razorpay Software Private Limited:
Establishment – 2013
Headquarters – Bangalore, Karnataka
CEO – Harshil Mathur