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ICICI Bank Ltd has announced the instant ‘Cardless EMI’ facility for online purchases made on e-commerce platforms. The facility enhances affordability to millions of the Bank’s pre-approved customers, as it allows them to instantly buy products or services online through Equated Monthly Instalments (EMIs) in just a few clicks by using their mobile phone and PAN. Customers can convert the transactions up to ₹5 lakh into easy monthly installments by simply entering their registered mobile number, PAN, and OTP (received on mobile number).
Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “We, at ICICI Bank, believe in providing innovative, convenient, and hassle-free products to our customers. With this thought, we had introduced an instant ‘Cardless EMI’ facility for retail stores in the last festive season to help our customers to purchase products of their choice in a completely contactless, digital, and secure manner. Inspired by the encouraging response from it, we have now extended the facility for online shopping. With this, our customers can shop from over 2,500 e-commerce merchants and brands just by using mobile phones and PAN. The new offering improves affordability to millions of our customers as they can purchase high-value products on EMIs and in a secure, convenient, instant, and digital manner.”
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Benefits offered by ‘Cardless EMI’ for online shopping:
- Digital & instant process: Customers can avail of the EMI facility in a completely digital, instant, and secure manner.
- Wide transaction limit: Customers can get a preapproved limit for purchases from Rs. 7,000 to Rs. 5 lakh.
- Flexible tenures: Customers can select tenures of their choice from 3, 6, 9, and 12 months.
- Exclusive convenience: No other bank in India offers this convenience.
- Wide range of categories: The facility is available across 2,500 e-commerce brands of electronics, home appliances, laptops, mobile phones, travel, fashion, sportswear, and home décor.
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