Mumbai: Tired of making umpteen calls to the bank to convert that last transaction into EMIs? Perhaps, ICICI Bank customers may have a smooth experience in this regards.
Calculating or opting for EMIs after buying electronic items like laptops or smartphones has often resulted in confusion. If an EMI has not been selected for a high-ticket purchase like electronic items, the bank generally ends call up the customers. In many cases customers have to contact their bank and request for an EMI conversion.
In the case of ICICI Bank, customers have the facility of converting their transactions into EMIs during the transaction itself. The bank calls it a Cardless EMI facility. The bank says that it is the first bank in India to offer such ease to its customers.
The bank had successfully started such a facility for transactions made at a physical store. In such cases the customers can easily opt for the number of EMIs - 3, 6, 9 months while doing the transaction at the physical store itself.
And, starting today this facility has been extended to purchases made online at several ecommerce websites.
The Bank informs us that it tied up with digital lending platforms such as FlexMoney and ShopSe to enable this service. With this partnership, the EMI-facility is available at 2,500 brands such as Bata, Bajaj Electricals, Career Launcher, D Decor, Decathlon, Duroflex, Flipkart, HealthifyMe, Henry Harvin Education, Kurl-on, Lenovo, Lido Learning, Myntra, Makemytrip, Morphy Richards, Nokia, ONLY, Panasonic, Pristyn Care, Raymonds, Simplilearn, Tata Cliq, Think & Learn, Toppr, Vedantu, Vero Moda, Vijay Sales and Urban Ladder.
ICICI says that it will add more brands to its facility in the future.
With Cardless EMI facility, customers can easily opt to convert transactions for a maximum ceiling of Rs 5 lakhs into EMIs. Customers will have to first check for the availability of this service.
After registration, they can complete transactions by entering their registered mobile number, PAN and an OTP. These details have to be added during the transaction on an e-commerce site. The OTP will be received during the check-out process.
Sudipta Roy, Head for Unsecured Assets at the bank said, "We had introduced 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 phone 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."
Yezdi Lashkari, Founder & CEO of FlexMoney Technologies feels delighted to partner with ICICI Bank. He says, "the future of purchase finance will be a frictionless, integrated, and cardless digital credit checkout experience for the consumer. FlexMoney's InstaCred platform provides a seamless and secure merchant integrated checkout experience to customers of ICICI Bank enabling them to shop across our multi-category merchant network."
Pallav Jain, Co-founder & CEO, ShopSe added, "At ShopSe, we are passionate about providing best-in-class EMI solution to our merchant partners and customers. That's why we are proud to get an opportunity to partner with ICICI Bank on their innovative and first-of-its-kind Cardless EMI product."
Some Benefits of the Cardless EMI scheme:
• Digital & instant process: Customers can avail the EMI facility in a completely digital, instant and secure manner
• Wide transaction limit: Customers can get pre-approved 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, sports-wear and home décor
Customers keen to know more should check the official website of the bank and register themselves. Doing so would also educate you about the applicable interest rates and the limit of transaction.