There has been a huge digital shift due to the COVID-19 pandemic. Undoubtedly, digitalization has its own advantages - you can get anything from anywhere just at the touch of your finger. Now, purchasing your favourite gadgets online, paying your insurance premium online or even paying the school fees for your wards from your savings account in easy EMIs have become easier and ICICI Bank is looking to lighten your load further.

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ICICI Bank has announced the launch of an instant EMI (Equated Monthly Instalments) facility on its internet banking platform - ‘EMI @ Internet Banking’. Incidentally, ICICI Bank in the first in the industry to introduce instant EMI facility on its internet banking platform.
Some of the benefits offered by ‘EMI @ Internet Banking’ are as follows:

1) Instant and digital processing - This facility enables the customers to convert their high-value transactions digitally into EMIs instantly while paying through the internet banking mode of the bank.

2) Wide variety of merchants - From buying one's favourite gadgets to paying school fees, the customers can use this facility for a wide number of activities.

3) Higher transaction limit - The customers can do purchases of products or services ranging from Rs. 50,000 to Rs. 5 lakh.

4) Flexible tenures - The customers can select the tenure according to their choice varying from three to 12 months.

This newly launched facility enables to convert the high-value transactions up to Rs 5 lakh of the customers into easy monthly instalments. By doing so, the bank aims to offer increased affordability to millions of pre-approved customers. The bank has allso collaborated with  with BillDesk and Razorpay, the leading online payment gateway companies to offer this facility.

While speaking on the launch of 'EMI@ Internet Banking',  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 further added that this latest initiative by ICICI Bank will provide the customers with flexibility for the high-value transactions.

Ajay Kaushal, Co-founder and Director of BillDesk stated that they are really excited for this new association with ICICI Bank. Khilan Haria, Head- Payments Product, Razorpay believes that this new partnership with ICICI Bank is going to be a major value addition in their partnership.

Here are a few simple steps that the customers have to follow to avail ICICI Bank's ‘EMI @ Internet Banking’:

Step 1: The customer needs to select product or service on merchant website/ app > choose ‘ICICI Bank Internet Banking’ as payment mode

Step 2: The customer needs to enter user ID and password > choose ‘Convert to EMI instantly’ tab on payment details page

Step 3: The customer needs to select payment tenure > enter the OTP received on registered mobile number and the payment is done

For more updates, the interested customers can login to the official website of ICICI Bank at icicibank.com.