ICICI Bank has launched a fully digital EMI plan, to be made available at leading retail stores, in partnership with Pine Labs. Formally called 'ICICI Bank Cardless EMI,' the bank stated on Thursday that this facility replaces debit or credit cards and digital wallets with mobile phones and PAN, making it easier for their pre-approved customers to purchase appliances of their choice.
Customers will now be able to avail of the no-cost monthly instalments by entering their registered mobile number, PAN, and the OTP on the POS machine. "We have seen a large number of consumer durables being purchased by using EMI facilities on credit and debit cards. In order to provide further convenience, we are introducing the 'Cardless EMI' facility so that the customers can transact just by using mobile phone and PAN, without even carrying their cards or wallet," said Sudipta Roy, Head (unsecured assets), ICICI Bank.
Apart from the opportunity to avail no-cost EMI without a card, customers also benefit from the lack of any processing fee; digitisation of the entire process; a wide transaction limit for purchases, ranging from Rs 10,000 to Rs 10 lakh; flexible tenures, ranging from 3 to 15 months; and the ICICI exclusivity of this plan.
How to avail?
Simply asking to avail the Cardless EMI option at the retail store will initiate the process. One has to enter their mobile number and PAN on the POS machine, after which they would have to enter the OTP received. Transaction approval will come instantly.
How to check for eligibility?
The customers can check their eligibility for the new instalment plan by texting 'CF' to '5676766,' or by checking the offers section on the iMobile app.