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ICICI bank launches instant EMI facility for high-value transaction

ICICI Bank customers can break their high value transactions of over Rs 50,000 into suitable EMIs directly on its internet banking platform to make their purchases more affordable, the lender said on Wednesday.

ICICI Bank to revise these charges from August 1
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ICICI Bank to revise these charges from August 1

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New Delhi: ICICI Bank customers can break their high value transactions of over Rs 50,000 into suitable EMIs directly on its internet banking platform to make their purchases more affordable, the lender said on Wednesday.

The facility is the first in the industry, the bank added. It will be applicable on transactions up to Rs 5 lakh and will bear no additional cost on the customers. Christened 'EMI @Internet Banking', the facility will enable customers convert their high-value transactions up to Rs 5 lakh into easy monthly instalments, ICICI Bank said in a release.

Customers can purchase gadgets or pay for their insurance premium or school fees in easy EMIs from their savings account using the internet banking platform, it said. The bank has tied up with online payment gateways BillDesk and Razorpay to enable this facility. To begin with, over 1,000 merchants in categories like online shopping portals, insurance, travel, education- school fees and electronic chains have been brought on-board.

The bank endeavours to partner with more payment gateway companies, merchants and add categories under this facility in the near future, ICICI Bank said. Customers can select tenures of 3, 6, 9 or 12 months for the EMIs. Sudipta Roy, Head- Unsecured Assets, ICICI Bank said.

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