ICICI Bank introduces instant cardless EMI facility; all you need to know

ICICI Bank has introduced instant ‘Cardless EMI’ facility. Customers can instantly buy products or services online through Equated Monthly Instalments (EMIs) in just a few clicks by using their mobile phone and PAN, said the bank in a press statement.

How it works

Customers can convert transactions up to Rs 5 lakh into easy monthly instalments by entering their registered mobile number, PAN and OTP (received on mobile number) at the check-out section of the e-commerce website or app.

The facility can be availed across a host of categories such as electronics, home appliances, laptops, mobile phones, travel, fashion apparels, sports-wear, education and home décor.

ICICI Bank ties up with digital lending platforms

ICICI Bank has tied up with digital lending platforms namely FlexMoney and ShopSe to offer this facility across 2,500 brands including Bata, Bajaj Electricals, Career Launcher, D Décor, 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. The Bank will add more brands to this facility in future.

Speaking on the new facility, Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “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 said, "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.”